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RMB trade to account for 20-30% of global pie- Poll
July 14, 2013, 5:37 am

Cross-border RMB settlement in the Bank of China amounted to 1.6 trillion yuan during the first half of this year [Getty Images]

Cross-border RMB settlement in the Bank of China amounted to 1.6 trillion yuan during the first half of this year [Getty Images]

More than 50 per cent of the respondents of a recent poll said the volume of cross-border Renminbi (RMB) trade would account for 20-30 per cent of all cross border trade in the next five years.

This was according to a white paper released by the Bank of China on its cross-border RMB business released on Friday.

China liberalised the currency in 2009.

According to Standard Chartered Bank data, almost 14 per cent of China’s current trade is settled in RMB, up from a mere three per cent in 2010.

Cross-border RMB settlement in the Bank of China amounted to 1.6 trillion yuan during the first half of this year.

Seventy-seven per cent of the bank’s Chinese domestic clients and 61 per cent of foreign clients plan to utilise RMB in cross-border trade or further improve RMB settlement ratio.

The Chinese currency has risen 3.6 per cent against the dollar in last 12 months, the only emerging market currency to stem the tide of a resurgent dollar.

Yi Gang, deputy governor of the People’s Bank of China, stressed on Thursday that China would continue to promote the RMB exchange rate reform and make progress in the capital account convertibility.

Three-thousand foreign and domestic clients were polled by the Bank of China for the White Paper.

Source: Agencies

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