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Settling In Chinese Currency Likely To Climb
Source: Xinhua |
September 30, 2010, Thursday
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Print Edition
Print Edition
EXPORTERS and importers in key Asia-Pacific markets expect to settle more trade volumes in yuan, with over half of Hong Kong's total trade to be settled in the Chinese currency over the next six months, a global survey report released by HSBC showed yesterday.
While the US dollar will be the dominant trade settlement currency globally, 56 percent of traders in Hong Kong, 49 percent in Malaysia and 24 percent on the Chinese mainland expect to settle some transactions in yuan over the next six months, according to the global HSBC Trade Confidence Index.
The development of the yuan as an international settlement currency was most supported by exporters and importers in Hong Kong, where 19 percent of respondents plan to use it as their primary currency in the next six months, said the report.
Significantly, respondents in all major markets in Asia-Pacific expect to increasingly trade in yuan in the short term.
While the US dollar will be the dominant trade settlement currency globally, 56 percent of traders in Hong Kong, 49 percent in Malaysia and 24 percent on the Chinese mainland expect to settle some transactions in yuan over the next six months, according to the global HSBC Trade Confidence Index.
The development of the yuan as an international settlement currency was most supported by exporters and importers in Hong Kong, where 19 percent of respondents plan to use it as their primary currency in the next six months, said the report.
Significantly, respondents in all major markets in Asia-Pacific expect to increasingly trade in yuan in the short term.
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