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HSBC: RMB is expected among the three major settlement currency of global trade

By Unknown , 2011-05-06 12:00:00

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HSBC survey, comprehensive global view of trade business in the next six most popular currency of settlement were five dollars, euro, yuan, pounds and yen. This trend emerging markets play a major role in the formation; in North America and other developed markets, although the renminbi has not yet entered the first three, but the proportion has been used £ or less.

View from emerging markets in Southeast Asia, plans to use the RMB up to 16% of the companies surveyed, more than £ respondents plan to use (3%). Middle East companies surveyed, 13% said the next six months will be used in cross-border trade in RMB, higher than the company plans to use £ (10%). In Australia, the local traders will use the next six months, the proportion of Renminbi (6%) will also be with the percentage of enterprises planning to use the £ flat, tied for third.

From Hong Kong, Macau and mainland China run, RMB popularity better. Overall, the three markets in the next six months in RMB clearing business 45%, more than the euro (27%), second only to the U.S. dollar. In mainland China, about one-third (34%) of respondents expected the next six months in the cross-border trade in RMB, over plans to use the Euro clearing business (26%).

However, the survey showed, although the renminbi acceptance at home and abroad is gradually increased, but the U.S. dollar compared to the traditional currency of settlement, the use of proportion is still small. Survey, the mainland of China Jin Sicheng not be settled in renminbi business to reflect their overseas trade is not paid in RMB is still facing side, or trade parties RMB settlement bank can not provide support for other issues.

General Manager of Commercial Banking HSBC China, said He Shunhua this connection, the problem is that the RMB settlement in the global markets will inevitably encounter in the process to solve these problems “will not happen overnight.” I believe, with the use of and investment in overseas market channels RMB constantly expanding, and foreign businesses and residents will hold the renminbi will gradually increase the accumulation of the renminbi will be promoting abroad, overseas markets will follow the RMB to strengthen the support. HSBC is expected that by 2015, China’s foreign trade volume of more than half will be settled in RMB, the total will reach 2 trillion U.S. dollars.

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