1. Text: | Print|

      Foreign companies yet to tap full potential of RMB in trade

      2014-07-10 13:22 China Daily Web Editor: Qin Dexing
      1
      Benefits of transactions in yuan are publicized at an international financial exhibition in Wuhan, Hubei province. HSBC Holdings Plc estimates that about one-third of China's trade will be settled in yuan by 2015. Sun Xinming / For China Daily

      Benefits of transactions in yuan are publicized at an international financial exhibition in Wuhan, Hubei province. HSBC Holdings Plc estimates that about one-third of China's trade will be settled in yuan by 2015. Sun Xinming / For China Daily

      Survey finds Chinese currency can be handy for cross-border transactions

      Overseas companies are yet to realize the full benefits of using the renminbi as an invoice currency when doing business with China, said a new survey commissioned by global banking and financial services organization HSBC Holdings Plc.

      The survey, released on Wednesday, shows that although 59 percent of the respondents plan to increase cross-border activities with the Chinese mainland over the next 12 months, only 22 percent currently settle transactions in yuan.

      According to HSBC, the figures also highlight the huge growth potential for yuan - denominated trading activities with Chinese companies, as China overtook the United States to become the world's largest trading nation in 2013 with its trade in goods passing $4 trillion. HSBC estimates that about one-third of China's trade will be settled in yuan by 2015.

      Mark Emmerson, head of global trade and receivables finance for HSBC in the United Kingdom, says there are many benefits to invoicing imports and exports in yuan for international businesses when trading with China.

      Emmerson said most foreign companies move toward the yuan invoicing model at the request of their Chinese partners, who look favorably on overseas partners who use the yuan as it shows commitment and eliminates foreign exchange risks.

      He said that most foreign companies use yuan to manage import and export, but some also do it for liquidity management reasons. For instance, foreign companies that export to China as well as manufacture in China would find it easier to receive yuan from Chinese customers and use this currency to manage their factories.

      The survey questioned 1,304 international and Chinese companies that have cross-border trade activities. HSBC commissioned global market research firm Nielsen Holdings to conduct the survey. The field work for the survey was done between April 3 and May 7 this year.

      According to the survey, two-thirds of the companies in the Chinese mainland and Hong Kong Special Administrative Region said foreign firms doing business with China gain both financial and relationship advantages while using the yuan, but awareness of these benefits varies widely in overseas markets.

      Half of the respondents from Singapore, 44 percent from the US and 42 percent from the UK said they believe yuan usage brings financial benefits, but less than one third of their German and Canadian peers share the view.

      More than half of the respondents from the United Arab Emirates said they see business relationship benefit from yuan adoption, compared with 46 percent in France and 40 percent in Australia.

      David Pavitt, head of renminbi development for EMEA (Europe, Middle East and Africa) at HSBC, says the trend of yuan invoicing started a few years ago with smaller companies leading the way. The success of smaller companies in doing this has led to bigger companies wanting to do the same, and now yuan invoice practices are much more common.

      This is because bigger companies find it harder to change their invoice systems, which involve significant infrastructure, accounting systems and staff support, Pavitt said.

      The survey also found that outside China, businesses in France and Germany had the highest levels of yuan usage, amounting to 26 percent and 23 percent, respectively.

      Among companies using the yuan to settle cross-border business, 59 percent expect to use it more over the next 12 months. About 32 percent of the companies that don't use the yuan also expect to do so in the future, the survey said.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 亚洲六月丁香婷婷综合| 国产精品亚洲精品观看不卡| 亚洲人成网站18禁止久久影院 | 亚洲第一福利视频| 天堂在线免费观看| 丁香五月亚洲综合深深爱| 日韩精品免费一线在线观看| 国产中文字幕免费观看| 亚洲欧美日韩中文字幕一区二区三区 | 久久久亚洲精品视频| 99在线视频免费观看| 国产亚洲一区二区三区在线不卡| 国产亚洲情侣久久精品| 免费v片在线观看无遮挡| 美女被免费网站视频在线| 91天堂素人精品系列全集亚洲| 叮咚影视在线观看免费完整版 | 亚洲中文字幕在线乱码| 成人A毛片免费观看网站| 1000部国产成人免费视频| 亚洲人成在线观看| 性生交片免费无码看人| 亚洲乱妇熟女爽到高潮的片| 国产传媒在线观看视频免费观看| 免费国产va在线观看| 国产精品亚洲产品一区二区三区| 久久久WWW免费人成精品| 亚洲av日韩av天堂影片精品| 69av免费视频| 亚洲日本中文字幕天天更新| 国产免费小视频在线观看| 一区二区三区免费视频观看| 成年女人毛片免费视频| 国产成人亚洲精品播放器下载| 亚洲高清国产拍精品青青草原 | 你是我的城池营垒免费看| 亚洲av日韩av激情亚洲| 91情侣在线精品国产免费| 美景之屋4在线未删减免费| 亚洲人成伊人成综合网久久久| 最近中文字幕mv免费高清视频8 |