HSBC pushes Australians to become Renminbi-ready
(29 October 2012 – Australia) HSBC is encouraging Australian companies to embrace Renminbi (RMB) cross-border usage as it becomes a major global trade and investment currency among mainland Chinese corporates.
Paulo Maia, chief executive for HSBC Bank Australia said: "China currently accounts for nearly a quarter of Australia’s two-way trade, and with RMB being increasingly chosen by mainland corporates on its merits as a trade and capital investment currency, it is clear that RMB will play an increasingly important role in the future of Australia’s trade with China.
"We are confident that the Chinese currency is on track to becoming a major trade currency by 2015.
Australian companies that do not have the capability to transact in RMB may be disadvantaged if Chinese traders prioritise RMB-ready businesses.
'We encourage internationally-minded businesses to explore the use of the RMB when transacting with their Chinese counterparts to benefit from China’s growth story and potential discounts," he said.
"We are confident that the Chinese currency is on track to becoming a major trade currency by 2015.
Australian companies that do not have the capability to transact in RMB may be disadvantaged if Chinese traders prioritise RMB-ready businesses.
'We encourage internationally-minded businesses to explore the use of the RMB when transacting with their Chinese counterparts to benefit from China’s growth story and potential discounts," he said.
Subscribe