Headline: "HSBC Joins China's Initiative to Bolster the Yuan's Global Usage through New Payment System"

HSBC's Hong Kong unit has joined China's global interbank renminbi (yuan) payment system (CIPS) as a direct offshore participant. Beijing aims to internationalize the yuan, which ranks fourth in global payments according to the global banking messaging network SWIFT, and challenge the U.S. dollar, the world's most widely used currency. David Liao, Co-Chief Executive of HSBC Asia Pacific, stated at a banking event that "by any measure, the use of the renminbi is not remotely proportional to China's economic weight" after announcing access to CIPS. Standard Chartered's Hong Kong unit became the first offshore subsidiary of a major global bank to gain direct access to CIPS in 2022. As of the end of September, CIPS has 153 members and has seen increased adoption in Russia since lenders were banned from SWIFT following Moscow's invasion of Ukraine in 2022.