Yuan preferred in cross-border trade
By Lilith Hu |
October 25, 2012, Thursday
|
Print Edition
Print Edition
CHINESE companies prefer yuan to settle cross-border transactions due to convenience rather than expecting any appreciation in the currency, an industry survey revealed yesterday.
There is widespread confidence in the future of yuan as a major global trade and investment currency among Chinese enterprises, an HSBC report said yesterday.
About 77 percent of Chinese enterprises said they expect a third of their international trade to be conducted in yuan by 2015 - compared with 10 percent now - and 30 percent of the respondents plan to use the local currency for investment-related purposes in the next 12 months.
About 692 Chinese mainland-based companies participated in the HSBC survey at the end of August.
Exchange risk management and operational convenience are the main reasons for choosing yuan for cross-border transactions. Only 25 percent of the companies said they used yuan for trade settlement to benefit from currency appreciation this year, compared with 44 percent last year.
There is widespread confidence in the future of yuan as a major global trade and investment currency among Chinese enterprises, an HSBC report said yesterday.
About 77 percent of Chinese enterprises said they expect a third of their international trade to be conducted in yuan by 2015 - compared with 10 percent now - and 30 percent of the respondents plan to use the local currency for investment-related purposes in the next 12 months.
About 692 Chinese mainland-based companies participated in the HSBC survey at the end of August.
Exchange risk management and operational convenience are the main reasons for choosing yuan for cross-border transactions. Only 25 percent of the companies said they used yuan for trade settlement to benefit from currency appreciation this year, compared with 44 percent last year.
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