HSBC today announced the issuance of its first RMB cashier's order in Hong Kong on behalf of a local SME customer, Hung Fook Tong Holdings Limited, the largest herbal tea group in Hong Kong. The issuance of Hong Kong's first RMB cashier's order is consistent with HSBC's strategy of providing customers with a wider range of guaranteed RMB payment options.
Albert Chan, HSBC's Head of Commercial Banking Hong Kong, said, "The development of RMB investment products and increasing cross-border settlement in RMB in Hong Kong is gaining traction and remains an initiative fully supported by HSBC. As penetration of RMB products and increased trade settlement are likely to gather momentum, customers will demand increased options from banking partners. The availability of RMB Cashier's Order meets demand for RMB payment solutions that are both flexible and convenient."