By Marcus Leach

HSBC have announced plans to cut jobs in London, New York and Hong Kong as part of a 2.8 billion yuan (£277m) into its China unit.

The announcement comes days after the bank announced that they were considering moving their operations back to the East, and 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."

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