HSBC making it easier for Kuwait to do business in China

HSBC KUWAIT today announced that it has launched a new service which will allow corporate and institutional clients to trade and settle in Chinese Renminbi (RMB) offshore, making it easier for Kuwaiti companies to forge ties with businesses in one of the largest and fastest growing economies in the world.  

Simon Vaughan Johnson, Chief Executive Officer, HSBC Kuwait said "China is already the world's biggest exporter and second largest economy and is likely to achieve top global economic status within a few years. In this context, demand for China’s currency, the Renminbi, is increasing and as restrictions are lifted, it is on course to become one of the world’s global currencies within a few years".

He highlighted HSBC's strategic focus on enabling clients in the region to maximise international opportunities, with a particular focus on the world's emerging markets: "This deal clearly demonstrates our capacity to facilitate international business. Our teams are committed to working across geographies to better serve our clients, wherever they operate. HSBC has unique knowledge and experience of working in China, which can only benefit local companies in Kuwait and we see this new service as one which will help to develop business relationships between Kuwait and China, as well as differentiating HSBC Kuwait in the local market place".

“With our rapidly developing Treasury services at HSBC Kuwait, we have successfully concluded our first CNH deal with one of our largest local Kuwaiti corporate clients, with global operations in over 120 countries through 550 offices, having a strong emerging market focused business. With this service, the client’s central treasury team in Kuwait now has the flexibility of being able to manage their Renminbi requirements locally, giving them the facility to pay their offshore suppliers or subsidiaries directly in Renminbi without any need for an onshore presence in Hong Kong or China. By providing such a service, our client is now able to centralise business in Kuwait where its treasury is located, making it easier to focus on developing its international business links".