The move is yet another body blow to dollar dominance. According to the Financial Times, it will give “the world’s biggest player in trade finance a key role in Beijing’s push to expand use of the renminbi.”
London-based HSBC is one of the world’s largest banking and financial institutions. It was founded in 1865 to facilitate trade between Europe and Asia. HSBC operates in over 60 countries across Asia, Europe, North America, and the Middle East.
HSBC already indirectly participates in Cips. By becoming a direct participant in the payment system, the bank’s Hong Kong unit will be able to directly settle payments in renminbi for the first time.
According to the Financial Times, HSBC is in the midst of a “sweeping overhaul” that will set up its UK and Hong Kong units as separate divisions.
A bank executive said the move to join Cips is “in response to the needs of our customers.” […]
— Read More: headlineusa.com
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
As a Christian company, Genesis Gold Group has maintained a perfect 5 out of 5 rating with the Better Business Bureau. Their faith-driven values allow them to help Americans protect their life’s savings without the gimmicks used by most precious metals companies. Reach out to them today to see how they can streamline the rollover or transfer of your current and previous retirement accounts.
