Published November 08, 2012
Rmb settlement business to be new profit growth point for banks
With the Chinese government aggressively promoting the Rmb, liberalisation of the currency is expected to continue, with banks advised to step up further in this area.
Date: Nov 08, 2012
Author: Alice Yang
Categories: China, Rmb, Trade Finance, Transaction Banking
Keywords: SIBOS 2012, HSBC, PBoC
Though no Chinese banks participated in SIBOS 2012, China was still one of the focus issues during the conference. According to a poll carried out by Barclays at Sibos, 68% of bank executives (bankers from Barclays not included) stated they have done business in renminbi, and 87% said they are open to holding renminbi for trade or investment purposes. At the same time, 66% of bankers worry about…