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Surge in renminbi usage by Singapore firms but pace may taper: HSBC

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SINGAPORE corporates are the largest adopters of the renminbi outside of Greater China, a study done by HSBC has found.

SINGAPORE corporates are the largest adopters of the renminbi outside of Greater China, a study done by HSBC has found.

About 26 per cent of the companies surveyed this year used the yuan, a proportion that was only surpassed by usage rates in China, Taiwan and Hong Kong, the bank said in a press release Wednesday afternoon.

It noted the usage rate was nearly twice the rate of 15 per cent last year but said it expects the pace of adoption to "taper in future".

HSBC said its survey was an annual one that polled 1,600 business decision makers from companies in various markets worldwide that conduct business with or from China.