, Hong Kong

HSBC eyes to extend renminbi products to Australia

The lender’s introduction of new products to Australia to hedge their currency risk in doing business with China, a major consumer of Australian mineral and energy resources.

HSBC Holdings PLC plans to offer customers in Australia yuan-denominated financial products as part of the bank's efforts to roll out services using China's currency across the region.

The U.K.-based bank's Australian customers will be able to buy and sell yuan, enter into forward contracts for the currency and access yuan trade finance, among other things.

The new products will allow Australian businesses to hedge their currency risk in doing business with China, Paulo Maia, chief executive officer of HSBC Bank Australia, said in an interview. "We see some good potential for foreign-exchange business," he added.

HSBC already offers similar services in 10 other countries or territories around the region, including Singapore, South Korea, Japan and Mauritius.

Customers buying yuan in Australia will be able to use HSBC to access the currency through Hong Kong, the main center for trading in offshore yuan, said Thomas Poon, head of business planning and strategy at HSBC Hong Kong.

Mr. Poon said HSBC is hoping its moves will help kick-start greater use of the yuan both in Australia and elsewhere among China's trade partners. "Unless we have products and services available, local corporates won't be willing to consider settling trade in RMB," he said, using a common term for the currency, which is also known as the renminbi.

View the full story in The Wall Street Journal.

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