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

Flight path: renminbi-readiness gives you flexibility when dealing with Chinese counterparts, says Wong

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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