DBS continues foray into blockchain and DLT
Oct 27, 2021
HSBC and Wells Fargo add yuan to DLT FX settlement tie-up
Offshore yuan is the first emerging market currency to be added to the FX settlement partnership between the two financial institutions. The pair has executed the first US dollar-to-offshore yuan settlement using DLT, according to HSBC.
HSBC and US financial services firm, Wells Fargo, last month expanded their current blockchain-based foreign exchange (FX) settlement agreement to include transactions in offshore yuan (CNH). The move signals the UK-headquartered bank’s progress towards emerging markets currencies coverage.
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