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Yuan’s Fight to Become a Leading Global Currency Continues
Mainland China is continuing its push to transform the yuan into a globally accepted currency.
In May, China’s central government said it would permit locally incorporated foreign lenders to issue yuan bonds on the mainland. Now HSBC Holdings PLC (NYSE ADR: HBC) and Standard Chartered Bank are preparing to issue more than $500 million in yuan-denominated bonds – which would make them the first foreign banks to make such a move on the mainland.
[However, China did last month rule that HSBC and the Bank of East Asia Ltd. (OTC ADR: BKEAY) could issue yuan-denominated bonds in Hong Kong.]
The yuan is known officially…
Banking Giant HSBC Predicts Challenging Year
Europe’s biggest bank, HSBC Holdings PLC (NYSE ADR: HBC), said first quarter profits increased substantially over last year, but 2009 will be a “tough” year as bad loans increase and the economy slowly pulls out of the recession.
The bank’s profits benefited from record results in its investment bank and steady activity in Asia, but excluding a $6.6 billion (4.37 billion pound) fair value gain on its own debt, first-quarter results trailed year ago earnings.
HSBC incurred charges for impaired loans across all customer groups and regions during the first quarter, according to a statement issued by the bank. In the…
12May2009 | Money Morning | 0 comments | Continued
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