Yuan May Account for 50% of Hong Kong-China Trade
May 5, 2009 by admin · Leave a Comment
About 50 percent of Hong Kong’s trade with China may be settled in yuan as exporters reduce their exposure to a weakening dollar, Industrial & Commercial Bank of China (Asia) Ltd. said.
The first settlements of international trade using China’s currency will start with about 400 Chinese companies in five pilot cities, Stanley Wong, deputy general manager at the unit of China’s biggest bank, said in an interview today in Hong Kong. The payments may expand to half of the $30 billion in trade excluding transshipments when authorities extend the program nationwide as soon as 2010, he said. Read more about reducing exposure to the U.S. Dollar…
