European corporates wary of RMB settlement
European corporates are still wary of settling in Chinese renminbi (RMB) when trading with Chinese counterparties, according to speakers at The Future of RMB in Global Trade and Finance conference in London on June 14.
In June 2010, the People's Bank of China (PBC) expanded its trade settlement pilot scheme to allow participants in all countries to settle their trades in RMB with eligible companies in 20 provinces of China. Banks including Citi, ANZ and Standard Chartered now offer transactional
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