People Moves

StanChart Enhances Global RMB Trading With New Team

Vanessa Doctor Asia Correspondent 13 November 2013

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. 

"A global trading team supports our clients 24/7. Being available round the clock means we are better able to provide clients with more transparent and consistent pricing and equip them with timely and relevant solutions for risk management," said Nitin Gulabani, global head of FX, rates and credit, in a statement.

The efforts also follow the creation of an RMB Solutions team in client coverage in August. Other related initiatives the bank has put in place to-date include a dedicated CNH products head and an RMB products head for transation banking. 

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