Here’s a good one for those who think the dollar’s days are numbered. A survey released last week by HSBC Global says more U.S. multinationals are closing trade transactions in…you guessed it…the Chinese yuan.
Of course, this sort of news is right up HSBC’s alley. They are one of the premier financial centers in Hong Kong, where much of the off-shore Chinese currency transactions take place. It’s like a dream come true for the old colonial bank: the yuan increasingly being taken seriously as a viable trade currency.
According to the survey, U.S. businesses have joined a growing number of German and French firms using the yuan and more plan to use it “amid expectations by business leaders that their trade with China will increase in the next 12 months,” HSBC said in a press release on Wednesday.
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Forbes via CHINA US Focus http://ift.tt/1ApMOqd
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