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Few Hong Kong businesses use yuan loans, survey finds
By Hu Xiaocen |
January 28, 2013, Monday
|
Online Edition
Online Edition
A negligible number of Hong Kong businesses are using off-shore yuan loans due to limited channels, while more companies will consider using the currency for trade settlement in the future, a private survey found.
Outstanding yuan loans with Hong Kong lenders totaled 70 billion yuan (US$11 billion) as of last November, lagging behind the overall development of the offshore yuan market. Yuan deposits topped 570 billion yuan during the same period, while outstanding dim sum bonds reached 400 billion yuan, Singapore-based DBS Bank said in a report today.
Regulators began to relax lending restrictions last year to boost yuan loans in Hong Kong, and the Qianhai cross-border loan pilot program is expected to gradually expand, providing access to yuan funds held by banks in Hong Kong, DBS said.
About 9 percent of companies surveyed by the bank settled payments in yuan last year, while another 26 percent said they will consider using the currency for payment settlement in 2013.
"Yuan trade settlement is still considered to be in the infancy stage. There is still ample room for growth," Chris Leung, senior economist at DBS in Hong Kong, said in a statement today. "We expect yuan usage by companies will continue to gain traction as channels for the flowing back of yuan onshore increases."
Outstanding yuan loans with Hong Kong lenders totaled 70 billion yuan (US$11 billion) as of last November, lagging behind the overall development of the offshore yuan market. Yuan deposits topped 570 billion yuan during the same period, while outstanding dim sum bonds reached 400 billion yuan, Singapore-based DBS Bank said in a report today.
Regulators began to relax lending restrictions last year to boost yuan loans in Hong Kong, and the Qianhai cross-border loan pilot program is expected to gradually expand, providing access to yuan funds held by banks in Hong Kong, DBS said.
About 9 percent of companies surveyed by the bank settled payments in yuan last year, while another 26 percent said they will consider using the currency for payment settlement in 2013.
"Yuan trade settlement is still considered to be in the infancy stage. There is still ample room for growth," Chris Leung, senior economist at DBS in Hong Kong, said in a statement today. "We expect yuan usage by companies will continue to gain traction as channels for the flowing back of yuan onshore increases."
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