China prepares for automated renminbi trade settlement
The launch of an automated process for cross-border trade settlement in renminbi is a reflection of the growing interest among importers and exporters to settle in the currency. Asia Risk asks how much progress has been made so far, and talks to those with a yen for yuan
Adoption of the renminbi in cross-border trade settlement has made some strong inroads since the market was partially opened in mid-2010, with 9% of trade already being settled in the currency. And with efforts underway to automate the trade payment process, volumes settled in the Chinese yuan are expected to surge over coming months.
Certainly, the momentum behind deregulation of the Chinese currency has increased in the past year thanks to the growth in renminbi-denominated bond and money
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