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Another evidence that China is in no mood to step down reform but to accelerate it in its bid not only to gain Yuan a seat at International Monetary Fund's (IMF) Special Drawing Rights (SDR) basket but to increase global trust and accessibility for its currency.
HSBC is set to become market maker in Yuan/Swiss Franc exchange rate in China's interbank foreign exchange market. HSBC, which has been quite vocal For Yuan's internationalization has positioned itself well for internationalization of Renminbi. HSBC is already quite active in Renminbi pairs and probably the only overseas bank active in all such pairs.
China's internationalization of its currency is the next big thing in the market and HSBC has an early mover advantage. According to HSBC, Yuan is on its way to become fully convertible global currency.
