HSBC Hong Kong has joined China’s international payments system as a direct participant, giving the world’s biggest player in trade finance a key role in Beijing’s push to expand use of the renminbi.

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.

HSBC Holdings will reorganise its worldwide operations into four business units and two geographic areas, as one of the world's largest banks creates a structure that makes Hong Kong - the H in HSBC - the "top strategic priority" in its global network of 62 markets.

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.