Global leaders are concerned that the dollar is being used to push US foreign-policy priorities. Unease with the dominance of the US and the dollar is pushing some countries and companies to diversify away from America and Europe.
HSBC Holdings has become a direct participant in China’s cross-border interbank payment system as the world’s second-largest economy pushes for greater use of the yuan.
The UK lender, which counts Hong Kong as its biggest market, said that becoming a participant “allows HSBC to play an integral role in supporting the growing demand from its clients for solutions that facilitate renminbi trade”, according to a statement.
