HSBC follows Citi into China


BEIJING -- HSBC last week became the second foreign bank to gain a licence to trade FX with Chinese customers.

The bank was granted approval to begin dealing forex in 10 Chinese cities by central bank the People’s Bank of China, and will commence its services in the next two months, HSBC said.

HSBC now joins Citigroup as the second foreign bank licensed to deal forex in China, although Citi’s operation, which launched in March, is limited to Shanghai.

Citi said at the time (FX Week, March 25)