Survey shows over a third of Malaysian firms plan to use Renminbi in future

The image of Chinese late Chairman Mao Zedong is seen on a Chinese 100 yuan banknote in this file picture illustration taken in Beijing on May 12, 2013. — Reuters pic
The image of Chinese late Chairman Mao Zedong is seen on a Chinese 100 yuan banknote in this file picture illustration taken in Beijing on May 12, 2013. — Reuters pic

KUALA LUMPUR, April 14 — Thirty-four per cent of firms in Malaysia plan to use the Renminbi (RMB) in the future, according to a new survey by HSBC Commercial Banking.

In a statement here today, HSBC Bank Malaysia Bhd said 26 per cent of the surveyed Malaysian companies have undertaken management discussions about the RMB as a potential opportunity or business enabler.

According to the study, 14 per cent of the local firms said they currently use RMB for cross-border business while 35 per cent of them expect an increase in international or cross-border business with China in the next 12 months.

HSBC Commercial Banking Chief Executive Simon Cooper said more businesses in the United Kingdom, the United Arab Emirates, the United States and Singapore now think the RMB would be used to settle non-China trade within five years.

“In Malaysia, 33 per cent of firms foresee the RMB as an international trading currency in the next five years,” he added.

For the survey, HSBC polled more than 1,600 decision-makers from Australia, Brazil, Canada, China, France, Germany, Hong Kong, Malaysia, Singapore, South Korea, Taiwan, the United Arab Emirates, the United Kingdom and the United States. — Bernama

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