HSBC: Small firms should do more to manage risk

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HSBC: Small firms should do more to manage risk

Many small and medium-sized enterprises (SMEs) do not do enough to manage the risk which comes with foreign exchange volatility, according to HSBC.

A survey by the high street bank indicated that 75 per cent of SMEs with foreign exchange currency needs in excess of £500,000 were aware of their currency options.

However, the majority also said that they did not think that options were relevant or available for their size of company.

Paul Graydon, head of HSBC's treasury business development team, said that more SMEs should consider potential risks from sudden changes in exchange rates.

"Only by having a foreign exchange risk management strategy can a business protect themselves adequately from adverse rate movements while retaining some ability to benefit if rates move favourably," he commented.

In August, HSBC launched text message banking for businesses.

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