HSBC Turkey may conduct transactions in Chinese currency

HSBC Bank of Turkey has announced that it has speeded up studies to conduct transactions in the Chinese currency, the Yuan.

HSBC Turkey may conduct transactions in Chinese currency

HSBC Bank of Turkey has announced that it has speeded up studies to conduct transactions in the Chinese currency, the Yuan.

Releasing a written statement on Tuesday, the bank said that HSBC Bank Plc had started transactions in Yuan in a total of 17 markets worldwide, moreover, Yuan accounts had been opened in 33 countries.

The statement noted that HSBC Turkey had also speeded up its studies to start transactions in the Chinese currency in an effort to provide a more convenient atmosphere for the firms doing business with China and to improve the trade volume.

With the new implementation, customers of HSBC Turkey will have the opportunity to open Yuan accounts, make or receive payments in Yuan and get consultancy and brokering services from the bank in their commercial transactions with Chinese counterparts.

Commenting on the development, HSBC Turkey's head of Corporate Banking Virma Sokmen said that the bank expected China's foreign trade volume to reach 2 trillion USD and Yuan to become one of the top three currencies used in global foreign trade in the next five years.

In October 2010, Chinese Prime Minister Wen Jiabao visited Turkey and met with his Turkish counterpart Recep Tayyip Erdogan.

Speaking at a press conference after his meeting with Jiabao, Erdogan announced that Turkey and China would use their national currencies, the Lira and the Yuan, in bilateral transactions.


AA

Last Mod: 12 Ocak 2011, 09:28
Add Comment