Silicon Valley Bank (SVB) has added offshore Renminbi to the tradable currencies at its foreign exchange trading desk. The Santa Clara, California-based bank has also launched its offshore Renminbi multi-currency account.
The new services will let SVB’s multi-national clients combine funds and settle international trade for goods and services in Renminbi. The multi-currency accounts of the bank are foreign currency deposit accounts held at SVB that are Federal Deposit Insurance Corporation-insured.
Click here for the release from PR newswire.