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May 27, 2017

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Renminbi-ready local companies to surpass 75% in a year: HSBC

A new HSBC Commercial Banking survey shows Taiwanese businesses that choose renminbi (RMB) to settle their business transactions will move beyond 70 percent in a year, compared with nearly 40 percent currently.

The HSBC survey noted that Taiwanese businesses are bullish on RMB use in settlement of cross-border trade transactions, saying that their readiness to do business in RMB could give some countries' exporters a vital edge over their rivals as the world races to develop trade links with China.

Nearly 40 percent of Taiwanese companies have adopted RMB for cross-border trade settlements and most expect the trend to deepen in the coming year given the benefit of lower foreign exchange costs

About 38 percent of local companies polled said they had used RMB to settle cross-border business transactions, the survey found. The figure for Taiwan was the second-highest among all the markets polled by HSBC, with Hong Hong's 58 percent the highest in terms of RMB utilization, according to the survey.

Concurrently, among companies that have yet to use RMB, 60 percent indicated a willingness to try the currency to help increase business opportunities and facilitate the ease of transactions in a year, according to the survey.

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