HSBC releases online renminbi banking service

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09 July 2010

HSBC has launched a renminbi internet banking services for commercial banking customers from 12 July 2010.

HSBC has launched a renminbi internet banking services for commercial banking customers from 12 July 2010.

The new online renminbi services include remittances, transfer and payments, deposits, application for import document credits, settlement of import bills and account enquiries.

Customers will also be able to handle money transfers and...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%