HSBC's Hong Kong unit has joined China's worldwide interbank renminbi payment system (CIPS) as a direct offshore participant, according to a company statement.

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HSBC Holdings Plc 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.

HSBC announced its biggest restructuring in a decade this morning, splitting itself into four divisions, combining some of its commercial and investment banking operations and reshuffling management.

HSBC said Tuesday that it would combine some of its commercial and investment banking operations in a major overhaul under its new CEO, which will see it cut costs while trying to improve returns.

Kaur joined HSBC in April 2013 and went on to hold several leadership roles, most recently, chief risk and compliance officer. She succeeds the former CFO, Georges Elhedery, who w