Being RMB-Ready Gives Competitive Advantage in China Trade, Global Survey Shows

In the global race to develop trade links with China, readiness to do business in renminbi (RMB) could give exporters in countries like Canada a vital edge over their rivals, a new HSBC Commercial Banking survey shows.

Whilst two-thirds of companies in mainland China and Hong Kong said foreign firms doing business with China gain financial and relationship advantages from using RMB, awareness of these potential benefits varies widely overseas, according to the HSBC Commercial Banking survey.

Half of respondents from Singapore, 44% from the US and 42% from the UK said they believe RMB usage brings financial benefits, yet less than a third of their German and Canadian peers share this view. It may be time to revaluate RMB-readiness.

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