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October 12, 2016

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More Aussie companies using Chinese currency

ALMOST one fifth of Australian companies are using the yuan to do business with China, a new poll showed yesterday.

The poll, commissioned by HSBC, surveyed 1,600 decision-makers from 14 countries and showed a rise of 18 percent of Australian respondents saying their firms were using the yuan, against 13 percent a year ago.

“More than 40 percent of Australian companies believe the yuan to be an international trading currency in the next five years, versus 29 percent in 2015,” HSBC Australia’s head of commercial banking Steve Hughes said.

Seeking to track global perceptions of China’s trade and currency, HSBC commissioned a similar survey from Nielsen in 2015 and allowing for one country change — replacing Brazil with Mexico — the comparison of the two surveys showed the number of companies using yuan for cross-border commerce rising to 24 percent from 17 percent a year earlier.

One reason is that businesses are finding the yuan easier to use, the 2016 survey said.

As Chinese financial rules evolve and as businesses become more accustomed to using the yuan, respondents said they’re having less difficulty understanding regulations, navigating documentary requirements and moving funds than they did in the past.


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