StanChart Enhances Global RMB Trading With New Team
Standard Chartered, the UK banking giant, has enhanced its Renminbi trading capabilities with the establishment of a new global RMB trading team in financial markets.
Led by Charles Feng, global head of RMB trading and regional head of FX, rates and credit trading in North East Asia, the team comprises traders across key markets in Hong Kong, Shanghai, Taiwan, London and New York, with additional support from teams in other locations.
Standard Chartered has been actively building its RMB capabilities in the past year, most recently signing an RMB300 million one-year interest rate swap with HSBC Bank (China) in early November. The move was based on the new loan prime rate introduced by the People's Bank of China, which aims to further RMB interest rate liberalisation in China and support the currency internationalisation plans.