Settling in yuan likely to grow
By Zhang Fengming |
May 5, 2011, Thursday
|
Print Edition
Print Edition
THE yuan will overtake the pound this year to become the world's third-most popular trade currency, an HSBC survey showed yesterday.
The US dollar, euro and yuan will be the three most widely-used currencies in international commerce, the survey showed.
More respondents chose the yuan as their primary currency over the pound for the first time since the biannual survey began in early 2009, HSBC said.
The bank conducted the latest survey in the first quarter, which collated the views of 6,390 exporters, importers and traders in 21 economies over six months.
"Emerging markets are paving the way for the yuan to be accepted as an international trade currency," Rakesh Bhatia, HSBC Global Head for Trade and Supply Chain, said in a release yesterday. "By 2015, it is expected that approximately US$2 trillion, more than half of China's trade, will be settled in yuan."
China introduced cross-border trade yuan settlement in July 2009 and expanded it to 20 provinces and municipalities last year.
Yuan trade settlement totaled 360 billion yuan (US$55 billion) in the first quarter, Xinhua news agency reported on April 18, citing the central bank. The amount was a 15 percent increase from the last quarter of 2010 or almost 20 times more than a year earlier.
China's exports rose 27 percent from a year earlier in the first quarter of 2011, while imports surged 33 percent.
Deutsche Bank China Chief Economist Ma Jun said he expects the yuan to be fully convertible in five years. He predicted that the yuan will become a reserve currency and account for 5 percent of the global reserves in 10 years. The yuan's weight as a global reserve currency may reach 20 percent in 20 or 30 years from zero now, Ma said.
In August, China allowed yuan accumulated overseas via cross-border trade settlement and central bank swaps to come back to the country's interbank bond market under a trial program.
The US dollar, euro and yuan will be the three most widely-used currencies in international commerce, the survey showed.
More respondents chose the yuan as their primary currency over the pound for the first time since the biannual survey began in early 2009, HSBC said.
The bank conducted the latest survey in the first quarter, which collated the views of 6,390 exporters, importers and traders in 21 economies over six months.
"Emerging markets are paving the way for the yuan to be accepted as an international trade currency," Rakesh Bhatia, HSBC Global Head for Trade and Supply Chain, said in a release yesterday. "By 2015, it is expected that approximately US$2 trillion, more than half of China's trade, will be settled in yuan."
China introduced cross-border trade yuan settlement in July 2009 and expanded it to 20 provinces and municipalities last year.
Yuan trade settlement totaled 360 billion yuan (US$55 billion) in the first quarter, Xinhua news agency reported on April 18, citing the central bank. The amount was a 15 percent increase from the last quarter of 2010 or almost 20 times more than a year earlier.
China's exports rose 27 percent from a year earlier in the first quarter of 2011, while imports surged 33 percent.
Deutsche Bank China Chief Economist Ma Jun said he expects the yuan to be fully convertible in five years. He predicted that the yuan will become a reserve currency and account for 5 percent of the global reserves in 10 years. The yuan's weight as a global reserve currency may reach 20 percent in 20 or 30 years from zero now, Ma said.
In August, China allowed yuan accumulated overseas via cross-border trade settlement and central bank swaps to come back to the country's interbank bond market under a trial program.
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