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China Daily Website

HSBC: RMB to be one top 3 trade currencies

Updated: 2013-05-25 01:31
( Xinhua)

LONDON - The RMB, or Chinese yuan, would be able to become one of the top three global traded currencies in volumn term by the end of 2015, said Douglas Flint, chairman of HSBC Holdings plc, in London Friday.

"The RMB is increasingly the part of nomal day-to-day business for anyone trading or investing in China," said Flint at the Annual General Meeting (AGM).

"Every international business with an eye on China should be considering potential benefits for using the RMB, and the RMB investment opportunity has been created around the world, supported by the thriving offshore markets, particularly offshore bond markets," he said.

At the same day, Bloomberg, citing with a person familiar with the matter, reported that HSBC will manage an first-ever sales of RMB denominated bonds in Singapore, a city country competes with Hong Kong as the offshore hub for the currency. According the estimates from HSBC, the offshore debt sales in RMB may reach as much as 360 billion yuan, or approximately $59 billion this year.

Gradually, Chinese financial market is creating investment opportunities, the process of reform has accelerated, the rise of RMB will continue, said Flint. In volumn term, HSBC expects RMB to become one of top three global trade currencies by 2015, and within five years, it could be fully convertible.