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Business
 

More Singapore companies using yuan to settle cross-border deals

Published on Jul 9, 2014 5:37 PM
 
A teller counting notes in a bank in Ganyu county, east China's Jiangsu province on Feb 26, 2014. More companies in Singapore are using yuan to settle their cross-border business transactions, according to a survey by HSBC. -- PHOTO: AFP

SINGAPORE - More companies in Singapore are using yuan to settle their cross-border business transactions, according to a survey by HSBC.

Its findings, released on Wednesday, showed that 15 per cent of companies here are doing so, up from 11 per cent last year.

This compares with 26 per cent of businesses in France and 23 per cent in Germany - the two countries where companies use the yuan the most, outside of China, Hong Kong and Taiwan.

"It is encouraging to see that more Singapore businesses are taking advantage of the benefits of transacting in yuan," said Mr Joseph Arena, head of global trade and receivables finance at HSBC Singapore.

 
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