Yerevan/Mediamax/. HSBC Bank Armenia corporate customers can now effect outward remittances for trade settlements with their eligible partners in China in Chinese Yuan.

The new service is beneficial for companies, as it allows to effect direct payments without additional foreign exchange cost, receive funds in Chinese Yuan and freely convert it into other currencies.

“According to the data of National Statistical Service of Armenia, China holds the second position in the commodity circulation with Armenia. Survey, conducted by our specialists showed that China tops the list of countries that HSBC customers trade with. So, presenting the Renminbi cross-boarder
trade settlements service to the market is in line with our strategy of being the best bank for international business in Armenia,” said Astrid Clifford, HSBC Bank Armenia CEO.