Yuan set to become No. 3 trade currency

THE Chinese yuan looks set to become the third most popular currency for settling trades in the next six months, according to an HSBC trade confidence survey.
The yuan's increasing acceptance around the world on the back of China's soaring growth means it is expected to overtake the British pound as currency of choice for firms engaged in cross-border trades.
Only the United States dollar and the euro are seen as staying ahead, said Mr Khuresh Faizullabhoy, head of trade and supply chain at HSBC on Monday.
Since the last global survey in September, the yuan has grown in popularity among exporters, importers and traders of goods, who feel they will be using the currency to settle their trades more, he said.
'That's to be expected given the fact that there is so much trade with China and the China trade is growing,' he added.
The results were similar for firms based just in Asia as well, given China's depth of trade linkages with many regional economies.

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