Consistent with the Bank's continued focus on driving innovation in the Asia Pacific region and across its global network, this development immediately opens up Chinese currency investments to BNP Paribas' current and future clientele: both in Hong Kong and internationally. With RMB settlement volumes rising to a CNY7.2 bn monthly average since February 2010*, the region is already witnessing record and continued growth, presenting significant opportunities for international investors.
"This arrangement between Hong Kong and China will basically enable anybody to gain exposure to the Chinese Renminbi via Hong Kong - from anywhere in the world," commented Lawrence Au, Head of Asia Pacific, BNP Paribas Securities Services. "This development strengthens Hong Kong's role as a truly international gateway to China and we are pleased to be helping our clients to unlock the significant opportunities that this presents," he added.
This new service further re-enforces BNP Paribas Securities Services' position as a single platform to access Asian growth. Offered alongside all other global currencies, RMB bond custody will be accessible to all clients through a single-step: enabling seamless growth and helping them to transform complexity into opportunity.
*source Hong Kong Monetary Authority
About BNP Paribas Securities Services
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group, delivering flexibility and commitment, backed by the strength of a leading universal bank.
Operating across the investment cycle, we provide post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The Bank has a local presence across 32 countries and global coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe.
With USD 5453 billion assets under custody, USD 920 billion assets under administration and over 6,000 funds administered*, BNP Paribas Securities Services is Europe's leading securities services provider and number 5 worldwide.
* as at 30 June 2010
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the six strongest banks in the world* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and more than 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia.
* Rated AA by Standard & Poor's i.e. 3rd rating level on a scale of 22.