HSBC, Clearstream partner to open China

HSBC says it has entered into a partnership with Clearstream to enable customers of the international central securities depository (ICSD) to access China’s Interbank Bond Market (CIBM). HSBC acts in the capacity of onshore bond settlement agent for Clearstream’s overseas institutional investor customers, providing trading execution, settlement and custody services in the CIBM.

Ian Banks, Head of HSBC Securities Services for Asia-Pacific, said: “A deep and liquid domestic bond market is a key stepping stone to achieving China’s ambition of making the RMB [the Chinese currency] a truly global currency. Partnering with Clearstream places us in an excellent position to help foreign institutional investors tap into opportunities in CIBM which is the third-largest fixed income market in the world with a size of approximately RMB54 trillion.”