"IN the next three to five years the Chinese renminbi (RMB) could become the global reserve currency, especially if the Chinese government pilot programs in RMB cross-border trade settlements are expanded right across the country, says HSBC's head of trade and supply chain, Andrew Skinner.
According to a China-first survey by HSBC of 1300 companies in 18 leading Chinese cities, 80 per cent of businesses not conducting their cross-border trade in RMB are planning to do so.
Unfortunately, Australian business lags behind when it comes to conducting business in RMB, with a recent trade confidence survey indicating just 6 per cent of Australian traders expect to use the RMB to settle trade in the next six months"................LINK
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