According to the results from HSBC’s annual RMB survey, usage has been steadily climbing with discussions about the Chinese yuan as a business enabler reaching about 22% of company boards worldwide.
Findings from the annual renminbi (RMB) survey carried out by HSBC highlight that the Chinese yuan has become a widely discussed topic in company boardrooms in the past year. More than a fifth of the firms participating in the study have debated whether the Chinese currency is a business enabler.
Outside of the country, about a quarter of the management teams of companies in Singapore, Malaysia, Germany and the UAE have discussed the currency’s role for the expansion of other business. The figures in the English-speaking countries, including Australia, Canada, the UK and the US are materially different with just under a fifth reporting interest.
The poll encompasses more than 1,600 executives from 14 countries and territories. The survey added 3 new countries this year - Brazil, Malaysia and South Korea.
HSBC’s Chief Executive of Commercial Banking, Simon Cooper, said in an announcement made by the bank, “Corporate use of the renminbi reached a watershed last year. The currency began to depreciate against the dollar, reversing a multi-year trend and marking a new phase in the liberalisation process.”
“Whereas many companies outside China used to see RMB adoption as a somewhat niche opportunity to gain first mover advantage, they’re now adjusting to it becoming a mainstream tool. If you’re doing business with China, the world’s biggest trading nation, you have to think about doing business in China’s currency,” he outlined.
Ever since China began to phase out barriers limiting cross-border transactions in 2009, the renminbi’s global use has been rapidly growing. In the latter part of last year, the Chinese currency became the fifth most-used currency for global Payments, according to data from SWIFT.
After the value of RMB payments more than doubled in a year, the currency climbed about 8% against the U.S. dollar between January 2011 and January 2014. The picture looks very different in 2015, as the Chinese yuan declined close to 3% since the start of the year reflecting accelerating growth in the U.S.
That didn’t stop the renminbi from appreciating against pretty much all other major currencies.
Findings from the annual renminbi (RMB) survey carried out by HSBC highlight that the Chinese yuan has become a widely discussed topic in company boardrooms in the past year. More than a fifth of the firms participating in the study have debated whether the Chinese currency is a business enabler.
Outside of the country, about a quarter of the management teams of companies in Singapore, Malaysia, Germany and the UAE have discussed the currency’s role for the expansion of other business. The figures in the English-speaking countries, including Australia, Canada, the UK and the US are materially different with just under a fifth reporting interest.
The poll encompasses more than 1,600 executives from 14 countries and territories. The survey added 3 new countries this year - Brazil, Malaysia and South Korea.
HSBC’s Chief Executive of Commercial Banking, Simon Cooper, said in an announcement made by the bank, “Corporate use of the renminbi reached a watershed last year. The currency began to depreciate against the dollar, reversing a multi-year trend and marking a new phase in the liberalisation process.”
“Whereas many companies outside China used to see RMB adoption as a somewhat niche opportunity to gain first mover advantage, they’re now adjusting to it becoming a mainstream tool. If you’re doing business with China, the world’s biggest trading nation, you have to think about doing business in China’s currency,” he outlined.
Ever since China began to phase out barriers limiting cross-border transactions in 2009, the renminbi’s global use has been rapidly growing. In the latter part of last year, the Chinese currency became the fifth most-used currency for global Payments, according to data from SWIFT.
After the value of RMB payments more than doubled in a year, the currency climbed about 8% against the U.S. dollar between January 2011 and January 2014. The picture looks very different in 2015, as the Chinese yuan declined close to 3% since the start of the year reflecting accelerating growth in the U.S.
That didn’t stop the renminbi from appreciating against pretty much all other major currencies.
Interactive Brokers Settles Nasdaq Charges, Agrees to $475,000 Fine
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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