HSBC should not play more underhand tricks against China after Huawei case: experts
HSBC should not play more underhand tricks against China after Huawei case: experts By Huang Ge for Global Times
HSBC, which was entangled in helping US arrest Huawei’s Chief Financial Officer Meng Wanzhou, is attaching importance to the growth of the Guangdong-Hong Kong-Macao Greater Bay Area that offers ample financial services opportunities, but experts warned that if the UK-based bank hopes to further expand in the Chinese market, it should not play more underhanded tricks against China.
HSBC said on Tuesday that it had helped a Shenzhen-based electronics manufacturer complete a yuan-denominated blockchain-based letter of credit transaction.
This pilot deal, which was processed using the Voltron blockchain platform, involved Hong Kong-based MTC Electronic exporting a shipment of liquid crystal display parts and panels to its parent company, Shenzhen MTC Co, across the border from Hong Kong.
It was the world’s first such transaction and also the first cross-border letter of credit transaction made in the Guangdong-Hong Kong-Macao Greater Bay Area, which showed HSBC’s efforts to promote trade within the region, read a statement that HSBC sent to the Global Times.
HSBC has been committed to providing services for China’s economic and trade contacts with the world, said Florence Tan, country head of global trade and receivables finance of HSBC China.
“The transaction… showed the enormous potential of promoting the yuan as a currency for trade settlement and will create large value for Chinese trade companies,” Tan was quoted as saying in the statement.
The Guangdong-Hong Kong-Macao Greater Bay Area, which makes use of such advantages as Shenzhen’s high-technology manufacturing sector, Hong Kong’s financial market and Macao’s tourism industry, is a great attraction to foreign companies, and HSBC is no exception, said Cao Yuanzheng, chief economist at Bank of China International.
HSBC, like many domestic and foreign financial institutions, is striving for business and cannot give up such an attractive chance to develop in the region, Cao told the Global Times on Tuesday.