French and German companies are leading among countries outside of greater China in the usage of the yuan, according to a report by HSBC Holdings Plc.
The London-based lender surveyed 1,304 businesses that have ties with mainland China in 11 major economies. Some 26 percent of French corporates and 23 percent of German companies now settle trades in the Chinese currency, the highest proportions apart from mainland China, Hong Kong and Taiwan.
“China will have a higher propensity in using the renminbi in trades and its trading partners will also have an increasing propensity and willingness to use it,” Noel Quinn, the Hong Kong-based head of commercial banking for Asia Pacific at HSBC, said in a July 7 interview. “The dominant reason for using it, based on the survey, is it facilitates winning more business in China.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015