World must prepare for takeoff of renminbi transactions
A more flexible renminbi will inevitably lead to the currency's increasing adoption in daily dealings, says HSBC
China is expected to settle half of its trades in the renminbi over the next four years, in a move that will increase the currency's international use and cause it to play a bigger role in daily business, said a chief executive at HSBC.
"One of the drivers of this growth is to have renminbi-clearing banks set up in the US. We know from other markets – Korea, Singapore, Australia, etc – that these offshore clearing banks can act as a catalyst to drive further cross-border renminbi transactions
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