Yuan may become 1 of 3 top trade currencies by 2015

By Tang Jihong | July 17, 2013, Wednesday |

Online Edition

CHINA'S yuan may become one of the top three trade currencies by 2015, as more than 500 companies worldwide plan to expand yuan usage for settlement in the next five years, a private report showed.

More than 70 percent of the companies surveyed by the HSBC said they are willing to increase the existing use of yuan for their cross-border businesses in the future. And almost half of them believed they had sufficient knowledge of yuan internationalization.

"The new measures introduced by the People's Bank of China recently will have a big, positive impact on further yuan internationalization," said HSBC China in the report today.

"According to the survey we ran, 42 percent of our corporate clients said the complexity of cross-border yuan transaction was one of the challenges they face. But the new measures will overcome that challenge and boost the willingness to use the currency. We firmly believe that the yuan will move into the top three cross-border trade settlement currencies by 2015."

The survey also noted higher recognition of the currency in Hong Kong and the United Kingdom than the other four overseas markets monitored by HSBC, which are Singapore, Australia, Germany and the United States.

In Hong Kong, 72 percent of companies said they were aware of the benefits of using the yuan for trade settlement, while the proportion in the UK was 57 percent. Singapore and Australia had lower recognition after the US and Germany.

The results were drawn from the survey of 700 enterprises worldwide, according to the report.

Finance

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Yuan may become 1 of 3 top trade currencies by 2015

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