HSBC completes first US cross-border renminbi trade settlement
The trade, for Prime Time Fashions, a New York-based designer, manufacturer and wholesaler of fashion apparel, was completed at the end of August. Prime Time Fashions is a member of Waitex Group, a supply chain service provider in the US.
“The opportunity to use renminbi settlement will give us additional options when working with China-based suppliers,” said founder and owner of Waitex Group Howard Li in New York.
The renminbi trade-settlement pilot programme, launched in July 2009, permits the
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