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Foreign Banks Get Approval for RMB FX Forwards in China

HSBC, Deutsche Bank and Citigroup have obtained separate approvals from the State Administration of Foreign Exchange (SAFE) to provide renminbi (RMB) FX forward services to their customers in mainland China.

Richard Yorke, CEO, China, at HSBC, says, “Since China’s revaluation in July, we see increasing needs for corporates and banks to hedge their RMB risk.”

Feng Gao, Deutsche Bank’s managing director and head of global markets in China adds, “The approval will enable us to further expand our risk management product base to local Chinese clients.”

In late August, the three banks were amongst nine global banks that received regulatory permission to participate in interbank RMB FX forwards trading in China (see Squawkbox, September 5).

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