Anyone walking past HSBC’s Norman Foster-designed skyscraper in Hong Kong this year could not escape the billboards advertising the fast-growing suite of services the bank now offers in the Chinese currency.
With an image of an aircraft soaring into the sky, the billboards captured the optimism among Hong Kong bankers about the potentially vast opportunities presented by Beijing’s push to “internationalise” the renminbi.
As a result of these marketing campaigns, HSBC and its rivals have, over the past year, accumulated a large pool of renminbi deposits which flowed out of the Chinese mainland through controlled channels such as cross-border trade.
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