HONG KONG: Cross-border trade settlement denominated in China’s yuan currency is expected to climb to over 50% of China’s total trade by 2020, more than doubling the current level, HSBC’s Group chief executive Stuart Gulliver said.
A scheme launched in 2009 and initially in five Chinese cities to encourage cross-border trade settlement in yuan rather than US dollars has seen rapid growth in the past few years, with yuan settlement of trade debts rising from 1% of transactions in 2010 to 22% last year.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!