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HSBC Indonesia Sees Increasing Need on Renminbi in International Trade Financing
Jul 1,2011 09:34CST
data analysis
Source:SMM

JAKARTA, Jul. 1 -- A senior official at Indonesian branch of the London-based Hong Kong Shanghai Banking Corporation (HSBC) said on Thursday that Chinese currency Renminbi would be one of three primary currencies, besides US dollar and Euro, used in international trade by 2015.

HSBC Indonesia Head of International Trade Nirmala Salli said that HSBC has learned that the usage of Renminbi to finance trade among Asian countries is continuing to increase in the recent years.

"Our economists have estimated that more than half of China's export and import transactions with developing countries within the next 2 to 4 years would be conducted in Renminbi," Nirmala told reporters on the sidelines on an export training session for businessmen held by the bank here.

Citing to the data issued by HSBC headquarters, Nirmala said that trade transactions using Renminbi had showed tremendous increase.

She said that as of the first quarter this year international trade using Renmbinbi has reached 300 billion Renminbi, a significant increase from 560 billion Renminbi throughout last year.

Aftermath the financial crisis that rammed global economies in last few years, Nirmala said that Indonesian businessmen are apparently optimistic in facing hurdles in international trades.

Inflation and implementation of free trade zones in several parts of the world did not hinder them from expanding their trade activities to foreign countries.

Indonesian businessmen were confident upon the growing global business in the next six months, according to HSBC's Trade Confidence Index survey result issued April this year.

 

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