Wider use of RMB abroad opens prospects for banks and SMEs

The growing stature of the Chinese yuan in global trade and finance has brought exciting opportunities in yuan-related businesses, said Standard Chartered Group CEO Peter Sands in Beijing on Tuesday.

The renminbi is now among the most actively traded currencies in the world as the Chinese government moves to make it easier for the yuan to flow across its borders.

“We are very excited at the prospects of the renminbi becoming even more integrated into the global economy,” said Sands, who is accompanying British Prime Minister David Cameron on his second visit to China since taking office.

Sands added that the process of promoting the yuan’s use beyond Chinese borders, though it still has a long way to go, has been “extraordinarily rapid.”

Trading of the yuan in global foreign exchange markets has more than tripled from three years ago after China allowed the currency to be traded in offshore markets.

Latest figures from global payment services company the Society for Worldwide Interbank Financial Telecommunication placed the yuan as the second-most used currency in trade finance in October.

Full article: Wider use of RMB abroad opens prospects for banks and SMEs (Want China Times)

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