Cashing in on the renminbi

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UK businesses that trade with Chinese companies are getting improved pricing or terms of trade if they do deals in the Chinese currency, the renminbi.

Research by HSBC Commercial Banking found that half of Chinese businesses offered discounts to companies paying in renminbi (RMB).

David Beaty, HSBC’s head of Commercial Banking in the North, said: “With discounts available up to three per cent or more for businesses trading with China in RMB, it makes perfect business sense to open an RMB business account, or consider RMB as a strategic solution for their business.

“Not only could this have a material impact on their cost of trading, it will also help UK businesses to forge long-term relationships with Chinese companies who recognise a business that has gone the extra mile to trade with them.”