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.

By Sara Velezmoro

Dec 7, 2022

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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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