The Business Times

Offshore yuan usage stays on growth path

18% of China's total trade settled in the currency last year, up from 3% in 2010

Published Wed, Aug 13, 2014 · 10:00 PM
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[SINGAPORE] Yuan usage internationally continues to rise rapidly but it is still small relative to China's status as the world's top trading giant and its second-largest economy.

At the end of last year, about 18 per cent of China's total trade was settled in renminbi, up from less than 3 per cent in 2010, said Candy Ho, HSBC global head of RMB business development, markets. "As a percentage of world trade, usage is still small, less than one per cent."

Since 2012, China has overtaken the US to become the world's largest goods trader. Last year, the total value of China's imports and exports was US$4.16 trillion versus America's US$3.85 trillion.

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