HSBC Holdings is seeking to offer yuan-denominated financial products in Australia, The Wall Street Journal reports. The lender plans to offer Australian client’s deliverable spot yuan currency exchange, deliverable and non deliverable yuan hedging, yuan bond issuance and trade finance.
The bank will also offer yuan wholesale and retail deposits and retail forex services. HSBC estimates that around $2 trillion worth of Chinese trades will be settled in yuan within four years.
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