First ever offshore renminbi (RMB) financing – UKEF aircraft support

(TXF News, London, 17 July 2015) The UK export credit agency and HSBC have teamed to arrange the first ever offshore renminbi (RMB) financing for an aircraft purchase – in this case the sale of a new Airbus A330-300 passenger aircraft to China Southern Airlines. The transaction represents a huge step forward in terms of export credit agencies (ECAs) expanding their range of new currencies to match the requirements of clients. [GTR: David Godfrey, UKEF chief executive, says: “[The] Rmb is already the second most used currency in trade finance after the US dollar and we fully expect to support many more such deals in the future.”]