New York's yuan market share is increasing as more companies have started to adopt the yuan to settle trade transactions and capitalise on yuan products to hedge aganinst foreign exchange risk - AFP Photo.
HONG KONG: As the competition to become the leading offshore yuan centre in Europe intensifies among candidates such as London, Luxembourg and Frankfurt, the quiet growth of yuan business in the Americas may have caught many by surprise.
With its well-established financial infrastructure and unique time zone, New York's yuan market share is increasing as more companies have started to adopt the yuan to settle trade transactions and capitalise on yuan products to hedge FX risk.
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