HSBC and Bank of China (Hong Kong) have begun issuing yuan denominated cashier s orders in Hong Kong, in another step towards the development of a fully functioning offshore market for the Chinese currency.
HSBC s offshore yuan cashier s orders were issued on behalf of Hong Kong-based herbal tea seller Hung Fook Tong, while Bank of China (Hong Kong) began selling its cashier s orders at its branches Monday, the two banks said.
(SD-Agencies)
