Corporates remain lukewarm on offshore RMB, despite reported growth
Despite the reported growth in offshore use of Chinese renminbi (RMB) – with Swift reporting this week that it is now ranked as the world's 11th most active payments currency, overtaking the Thai baht and Norwegian krone – many corporates appear to still be reluctant to switch to invoicing in RMB, due to the onerous system changes that are required.
Even the recent agreement to establish a swap line between the Bank of England and the People's Bank of China (PBoC) doesn't appear to have
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