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.
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 regulation, which is the largest concern next to “lack of adequate capital” (13%).
According to the 2012 first three quarters financial statistics report published by the People’s Bank of China…
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Keywords: SIBOS 2012