World must prepare for takeoff of renminbi transactions

A more flexible renminbi will inevitably lead to the currency's increasing adoption in daily dealings, says HSBC

renminbi-sky-fly-bird-china
Flight path: renminbi-readiness gives you flexibility when dealing with Chinese counterparts, says Wong

China is expected to settle half of its trades in the renminbi over the next four years, in a move that will increase the currency's international use and cause it to play a bigger role in daily business, said a chief executive at HSBC.

"One of the drivers of this growth is to have renminbi-clearing banks set up in the US. We know from other markets – Korea, Singapore, Australia, etc – that these offshore clearing banks can act as a catalyst to drive further cross-border renminbi transactions

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: