RMB is gaining traction with corporates, Deutsche survey finds
Smaller companies can realise savings of nearly 5% when dealing with Chinese businesses by transacting in renminbi, says Deutsche Bank
A growing number of companies are choosing to transact in renminbi for their Chinese business, according to the results of a Deutsche Bank study, which surveyed 102 companies from the UK, Germany and the Netherlands in April and May.
Of those companies surveyed, 20% invoice in renminbi, while 80% plan to switch their invoicing over to the currency at some point in the future. By moving to renminbi, companies can lower prices in negotiations with Chinese business partners by an average of 4.8%
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