The use of the renminbi in trade settlements increased sharply this year, according to HSBC’s annual renminbi survey.
The survey which began last year covered eleven countries, four of which were added this year. All seven markets surveyed in both years posted increases, the largest of which were in Germany, Hong Kong and the U.S.
Of the German companies profiled, 23 percent are using the renminbi to settle trades, up from 9 percent last year, while usage in Hong Kong rose to 58 percent from 50 percent and to 17 percent from 9 percent in the U.S.
Usage of the renminbi among French companies – a new addition to this year’s list – was high at 26 percent.
Prospects for next year are bright as nearly 60 percent of global companies plan to increase their cross border activity with China over the next 12 months. Currently, 22 percent of companies globally trade in renminbi. Continue reading