- 73% of global corporate treasury professionals think the RMB will be the third most important currency or better within 10 years
- 85% of Asia-based treasurers say the RMB will be at least the third most important currency by 2023
- Existing corporate users of offshore RMB are most optimistic about its future use
A recent survey by EuroFinance, the global specialists in treasury research and events, has revealed that 73% of treasury and finance professionals think that the RMB will be at least the world’s third most important currency within 10 years.
Finance professionals based in Asia are even more convinced of the RMB’s importance as a future trading currency with 85% saying it will be at least the third most important currency by 2023.
Of the 307 respondents, optimism was highest among corporates who already use at least one offshore RMB product. 79% of those corporates think the RMB will be global number three or better. That compares with 70% for those who don’t currently use the currency.
Undertaken in association with Standard Chartered Bank, the survey was designed to understand the current sentiment of the global corporate treasury community towards the offshore Renminbi as a currency, their planned usage and the factors limiting their uptake of the currency.
“The potential of the RMB’s use as a currency for trade settlement matches corporate perceptions of the importance of China as a trading partner both now and in the future,” says Katharine Morton, Editorial Director of EuroFinance. “Deregulation of the offshore RMB is a work in progress and it will be fascinating to see how corporate usage develops in the next decade.”
“The RMB is on an irreversible journey of internationalisation and we are very pleased to continuously provide valuable insights into this process,” says George Nast, Global Head of Products, Transaction Banking, Standard Chartered. “As the internalisation journey continues to gather pace, corporates looking to transact in the currency will benefit significantly from partnering with banks like Standard Chartered, which have the ability to provide up-to-date advice on regulatory changes, on-the-ground presence and expertise to support their needs.”
The survey is part of the “5-click” series by EuroFinance; designed to quickly gauge the opinion of the corporate treasury community on topical issues.
An e-mail invitation was sent to selected corporate treasury professionals from the EuroFinance Research database on 29th May 2013 The survey data was collected online and 307 responses were received.
The survey was commissioned by Standard Chartered Bank.