HSBC makes £277m China investment

HSBC is investing 2.8bn yuan (£277m) into its China unit, as it announces plans to cut jobs in London, New York and Hong Kong.

Just days after the company announced it is keeping open the option to move its headquarters from London, the move suggests the bank is shifting its focus eastwards.

The capital of HSBC Bank (China) will rise to 10.8bn yuan with the investment.

"This is an important milestone for us because China is one of our first home markets," Peter Wong, Chief Executive of HSBC Asia Pacific, said in a statement.

"It's also a milestone in the internationalisation of the RMB, demonstrating the currency's readiness to be a medium for cross-border investment as well as trade," he said.