140 attend StanChart breakfast seminar
Dubai, January 22, 2013
More than 140 corporate and SME clients recently attended Standard Chartered’s breakfast seminar titled - “The Renminbi: What’s your next move?” held jointly by the bank and the Hong Kong Monetary Authority (HKMA).
The event offered industry experts the opportunity to share with participants the latest views and insights on the Renminbi (RMB) and its developments, a statement from the bank said.
It was an interactive platform for sharing expertise and knowledge about how the RMB is affecting global and regional trade and Hong Kong’s latest offering as a key offshore RMB hub.
The seminar was moderated by Norman Chan, HKMA chief executive and attended by speakers including Hamad Buamim, director general, Dubai Chamber of Commerce and Industry; Benjamin Hung, chairman of the Hong Kong Association of Banks and chief executive of Standard Chartered Bank (Hong Kong) and Yingli Huo, senior advisor, HKMA.
Trade flows between Mena region and China are on the rise, and a mounting number of corporate are opting for settling trade in the RMB to reduce costs and enhance efficiency of the trade process, the statement said.
Jonathan Morris, chief executive, Standard Chartered UAE, said: “In the UAE, Standard Chartered has been at the forefront of supporting the increasing needs of our corporate, SME and financial institutions clients with links to China.”
“This event comes at an ideal time when the RMB is increasingly becoming an international trade and reserve currency. Over the past few years, we have witnessed a significant increase in demand for RMB services in the UAE and we have been at the forefront of supporting this emerging trend. “
“Hong Kong has been instrumental in the progress of internationalisation of the RMB currency. Over the past few years, we have seen very encouraging development in the offshore RMB business, including mounting RMB-denominated trade settlement, rising dim sum bond issuance and an increasingly liquid CNH market,” Hung said. “Standard Chartered is committed to support the expansion of the depth and breadth of the offshore RMB businesses to further facilitate its usage in Hong Kong and the rest of the world.” – TradeArabia News Service