Topic “renmenbi” — Exporter Magazine

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. With $79 billion of yuan deposits as of April 30, Hong Kong is the largest repository for China’s currency outside of the mainland, and the only place the yuan is commonly used or traded that is free from Beijing’s strict capital controls. According to the central bank’s latest report on the international financial market in 2010, banks made more than 500 billion yuan of cross-border RMB trade settlement in 2010, accounting for 2% of China’s total foreign trade value that year and about 48 times the amount in 2009.