Standard Chartered Bank (China) (SCB China) has launched a direct trading business for RMB/AED and RMB/SR and the bank becomes the first batch of direct trading market-makers for RMB against AED and SR in China’s inter-bank FX market.
Sami Mahfouz, head of Financial Markets UAE, said: “Standard Chartered has a broad network and historical presence in the Middle East and we offer one-stop products and solutions covering cash, trade, foreign exchange and commodities.”
“China is the UAE’s second-largest trade partner, and Saudi Arabia’s largest trade partner. Direct transactions for RMB against AED and SAR will benefit the formation of direct exchange rates between the RMB and these two currencies, the reduction of exchange transaction costs, the promotion of bilateral trade and investment between China and these two countries, as well as driving the internationalisation of the RMB.
“We are greatly honoured to be one of the first direct market-makers, and also pleased to see that the RMB is playing an increasingly important role in trading, investment and financing in the Middle East,” he added.
The bank has been on the forefront of the promotion of RMB internationalisation, and now provides RMB trading settlement, cash management, RMB bond issuance, and investment services to corporate clients in 34 markets, as well as providing RMB clearing and bond issuance services to banks in 72 markets. – TradeArabia News Service