HSBC execs see growing role for yuan

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HSBC execs see growing role for yuan

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Martin Tricaud

As the free trade pact between China and Korea is predicted to take off later this year, the renminbi’s role in Korean-Chinese trade is expected to increase, according to top executives at HSBC.

“China’s reform program is ambitious in scale and scope, and it has already made huge progress,” said Helen Wong, HSBC China’s CEO said during a forum on the renminbi held Tuesday in Seoul. “Through improved trade and infrastructure, China’s ‘One Belt, One Road’ initiative will bring it closer to the rest of Asia, Africa and Europe.”

Wong added that the Asian Infrastructure Investment Bank will help turn the Chinese currency into one of the three reserves, putting the renminbi at the center of the global finance.

“The offshore renminbi business in Korea has grown rapidly and made great progress during its brief history,” said Martin Tricaud, HSBC Korea’s president and CEO. “We remain optimistic that Seoul will become a leading offshore renminbi hub.

“But at the same time, we would like to emphasize the importance of patience. It took the offshore market in Hong Kong several years to achieve meaningful scale and it will take time in Korea, too.”

Since last year, Korea has been increasing its business cooperation with China, including the opening of the nation’s first direct won-renminbi exchange market.


BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]

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