HSBC Holdings PLC (HBC) launched trade transaction services in Indonesia using the Chinese yuan, Xinhua news agency reported Wednesday, citing a senior HSBC official.
Vincent C. Sugianto, head of trade and supply chain HSBC Indonesia, said the service can only be conducted between Chinese firms authorized to make such transactions and their counterparts in the Association of Southeast Asian Nations, according to the report.
He said HSBC will provide various yuan transaction services in Indonesia, including trade financing, currency exchange between the rupiah and yuan, and export/import financing.
HSBC now offers yuan trade settlement services in six Asean countries, according to the report. The others are Malaysia, Thailand, Singapore, Vietnam and Brunei, the report said.
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