BNP Paribas is pleased to announce that it has been designated as a primary liquidity provider for the offshore Renminbi (RMB) market in Hong Kong (the “Primary Liquidity Provider”) by the Hong Kong Monetary Authority (HKMA).
As a Primary Liquidity Provider, BNP Paribas shall work closely with the HKMA to:
- promote the use of the Hong Kong RMB liquidity pool to provide offshore RMB funding to other financial institutions and corporate customers ;
- extend the usage of RMB in the global offshore capital markets and in particular in the foreign exchange, interest rate, equity and derivative space through its global product platform; and
- expand its RMB Competence Centre in Hong Kong as per the group’s strategy in order to promote the international use of RMB and capture RMB business opportunities worldwide for clients.
BNP Paribas’ Head of Greater China and CEO of BNP Paribas Hong Kong Branch, Paul Yang, said: “As one of the most active banks in the CNH market, BNP Paribas is honoured to be designated as a Primary Liquidity Provider by the HKMA. Under the leadership of the HKMA, Hong Kong has successfully become a global offshore RMB business hub and plays a pivotal role in the new era of China’s growth story. With BNP Paribas’ extensive global network and solid RMB business platform, we are well-positioned to embrace the initiatives that facilitate the internationalisation of RMB and help our clients to grow their RMB business.”
To consolidate its platform helping clients capture the RMB business opportunities around the world, BNP Paribas has set up the RMB Competence Centre based in Hong Kong. It acts as a global platform across all the business lines in BNP Paribas that drives the RMB strategy across all geographies (Asia, Europe, Middle East, Africa, Americas) and all product lines including Financing, Transaction Banking, Capital Markets, Asset Management, Securities Services and Wealth Management.
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