"Nearly eight in 10 companies in mainland China that have yet to use the yuan to settle cross-border trades are planning to use it some time in the future"
More than half of China's trade, or about $2 trillion, is expected to be settled in yuan by 2015, according to Montgomery Ho, head of commercial banking at HSBC China.
Ho's comment comes as a HSBC survey of its commercial banking customers in mainland China revealed domestic businesses are eager to start settling trades in yuan.
Nearly eight in 10 companies in mainland China that have yet to use the yuan to settle cross-border trades are planning to use it some time in the future, according to the survey released Sunday.
About 45% of the 1,300 companies surveyed said they plan to settle some trades in yuan in the next year, while 33% said they would consider using the yuan depending on pricing or services offered by banks. ...
A small but growing volume of the country's foreign trade is now denominated in yuan as China promotes the use of its currency internationally. China began to allow the yuan's use for cross-border trade on a trial basis in 2009, and the program is expected to be rolled out nationwide this year.Read Article