US corporates losing out on renminbi transactions
Survey on the use of renminbi by businesses worldwide finds that US corporates are not capitalizing on the benefits of conducting payments and trades in renminbi. July 24, 2012 | Baron LaudermilkPeople’s Bank of China (PBOC) has recently expanded the use of the renminbi for cross-border trade settlement. In conjunction with this, the central bank also released a “blacklist” containing 9,000 Chinese companies that will be supervised and monitored when they settle trades offshore, including with US corporates, to ensure that only the renminbi is used when transactions with local banks are carried out. “This announcement has made it even easier to trade in renminbi. The tiger hasn’t just woken up, it has pounced. If you think that the Chinese renminbi is a fad, you may have some regrets later,” says Alfred Nader, vice president of corporate strategy at Western Union. Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: China, Government Finance, Rmb, Trade Finance, Transaction BankingChina,Government Finance,Rmb,Trade Finance,Transaction Banking, China,Government Finance,Rmb,Trade Finance,Transaction Banking, , Capital Marketscapital, Capital Markets, Keywords:Western Union, Alfred Nader, Asian Development Bank, Donghyun Park, Chris Leung, DBS, Alicia Garcia, BBVA Western Union, Alfred Nader, Asian Development Bank, Donghyun Park, Chris Leung, DBS, Alicia Garcia, BBVA
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