Business / Markets

41% overseas firms positive about RMB

( Updated: 2014-11-04 08:29

More enterprises have positive attitude towards the prospect of the renmibi becoming an international currency, as poll showed on Nov 1, China News Service reported.

41% overseas firms positive about RMB
Global payments in yuan triple in value since 2012
According to the research, 41 percent of 3,000 overseas enterprises who were interviewed think that renminbi is likely to become "a very important international currency" and the recognition of its position and function "may get close to the US dollar and euro", according to Tian Guoli, chairman of Bank of China. This is an increase by 10 percentage points over 2013.

The volume of renminbi cross-border settlements with a third party outside of Chinese mainland rose by more than 30 percentage points, said the companies based overseas.

The market shows that global investors have high confidence in renminbi. In the first 10 months this year, the offshore renminbi bonds balance reached 775.9 billion yuan, 179.6 billion yuan of it are new issue bonds, according to Tian.

Bank of China's global customer survey reported that 87 percent of domestic enterprises and 65 percent of foreign companies use renminbi in cross-border settlements, rising 10 and 8 percent respectively from 2013.

Tian said China's economic reform will contribute largely to renminbi internationalization. In the next five years, China will import commodities worth $10 trillion as projected and the overseas investments will exceed $500 billion.

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