Topic “Chinese yuan” — Exporter Magazine

Western Union Business Solutions, a business unit of the Western Union Company (NYSE:WU), a leader in global payment services, has found that by settling transactions with Chinese exporters in U.S. dollars (USD) instead of Chinese yuan (CNY) American businesses paid approximately USD$2.4 billion in fees to account for foreign exchange risk. Although the yuan is currently facing appreciation pressure, it’s possible that the currency will face depreciation pressure within two years, when China’s trade surplus falls to zero, according to ChinaDaily. The trade boom fuelled by Asia’s economic re-emergence will last at least another 15 years but Australian exporters will have to get much more familiar with transacting in the Chinese currency, according to the Sydney Morning Herald, quoting HSBC.