YEREVAN, January 13. / ARKA /. HSBC Bank Armenia said today its current and prospective corporate customers involved in import and export trading business with China, can now effect outward remittances for trade settlements with their eligible partners in Mainland China in Chinese Yuan.

’As a result of recent changes passed by The People’s Bank of China, the coverage of cities and provinces included in the scheme to conduct cross-border trade settlements in Chinese Yuan has been extended to 20, including Shanghai, Guangdong, Beijing, Guangxi, Sichuan and other cities,’ the Bank said in a press release.

It said the new service is beneficial for companies, as it allows to effect direct payments without additional foreign exchange cost, receive funds in Chinese Yuan and freely convert it into other currencies.

“According to the data of National Statistical Service of RA, China holds the second position in the commodity circulation with Armenia. Survey, conducted by our specialists showed that China tops the list of countries that HSBC customers trade with. So, presenting the Renminbi cross-boarder trade settlements service to the market is in line with our strategy of being the best bank for international business in Armenia. It provides HSBC customers with the convenience in their trade businesses with China,” said Astrid Clifford, Chief Executive Officer HSBC Bank Armenia cjsc.

HSBC Bank Armenia cjsc was the first international bank to open in Armenia in 1996. The bank is a joint venture between the HSBC Group, which has 70 percent ownership, and members of overseas Armenian businesses. The bank offers a wide range of products and services to individual as well as corporate customers, including personal financial services, commercial banking and treasury and capital markets services. Thanks to the HSBC network in 88 countries and territories, the bank is uniquely positioned to provide truly international services for its customers.-0-