Godlike Productions - Discussion Forum
Users Online Now: 958 (Who's On?)Visitors Today: 264,202
Pageviews Today: 444,180Threads Today: 163Posts Today: 2,270
06:22 AM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

Uh-Oh...Banks Back Switch from Dollar to Chinese Renminbi

 
Doomerang
User ID: 1080876
United States
08/27/2010 03:36 AM
Report Abusive Post
Report Copyright Violation
Uh-Oh...Banks Back Switch from Dollar to Chinese Renminbi
A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China.

HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other financial incentives to companies that choose to settle trade in the Chinese currency.

“We’re now capable of doing renminbi settlement in many parts of the world,” said Chris Lewis, HSBC’s head of trade for greater China. “All the other major international banks are frantically trying to do the same thing.”

HSBC and StanChart are among a slew of global banks – including Citigroup and JPMorgan – holding roadshows across Asia, Europe and the US to promote the renminbi to companies.

The move aligns the banks favourably with Beijing’s policy priorities and positions them to profit from what is expected to be a rapidly growing line of business in the future.

The phenomenon will accelerate Beijing’s drive to transform the renminbi from a domestic currency into a global medium of exchange like the dollar and euro.

Chinese central bank officials accompanied StanChart bankers on a roadshow to Korea and Japan in June. The bank held similar events in London, Frankfurt and Paris.

Lisa Robins, JPMorgan’s head of treasury and securities services for China, said there had been a “spike in interest” from international clients.

An increasing number of Chinese companies have been asking foreign trading partners to accept renminbi as payment, said Carmen Ling, Hong Kong head of global transaction services at Citi.

[link to www.ft.com]
Anonymous Coward
User ID: 1080764
United States
08/27/2010 03:37 AM
Report Abusive Post
Report Copyright Violation
Re: Uh-Oh...Banks Back Switch from Dollar to Chinese Renminbi
do they give you fortune cookies?
Doomerang (OP)
User ID: 1080876
United States
08/27/2010 03:38 AM
Report Abusive Post
Report Copyright Violation
Re: Uh-Oh...Banks Back Switch from Dollar to Chinese Renminbi
Just noticed the link didn't work. You can access it if you go to the Drudge Report first.





GLP