Businesses that trade with China are becoming increasingly aware of the growing role the renminbi will have in trade settlements, and banks are keen to demonstrate that they are well positioned to make those payments as seamless as possible. As awareness grows of paying in renminbi – rather than US dollars – clients also need advisory services to keep them abreast of the rapidly changing regulations concerning the currency.
China has set out its policy for the internationalisation of the renminbi, and businesses – and banks – are beginning to realise its growing importance. George Nast, global head of product management for transaction banking at Standard Chartered, says that 2011 was the year when renminbi as an international currency became mainstream. He says of this increasing adoption of the renminbi: “This is not because of government diktat, it is because clients are demanding it.”
