Westpac to tap into RMB product demand with new China drive
Bank receives approval to offer derivative products onshore
Increasing client interest to settle trade flows in RMB is a key reason Westpac has obtained a general derivatives licence from the China Banking Regulatory Commission (CBRC), which enables the bank to offer derivative products onshore in China.
The bank currently operates three branches in greater China in Beijing, Shanghai and Hong Kong. The licence will enable the bank to further facilitate trade flows and investment between China and Australia by offering clients hedging alternatives, it
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