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RMB to become a major global settlement currency in 5 yrs: HSBC

By Gao Yuan (chinadaily.com.cn)
Updated: 2010-11-03 13:34
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The yuan will become one of the three major global settlement currencies in five years, the HSBC Group estimated, China Business News reported on Wednesday.

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HSBC also estimated that the annual trade volume that uses renminbi as settlement currency will reach 2,000 billion yuan ($299.7 billion) five years later.

The bank said that as China's global economic impact has strengthened, developed markets and emerging markets have the need to use renminbi as settlement currency.

According to the report, HSBC has expanded its renminbi settlement service to six continents this year, including Europe, South America, North America, and Africa.