Thursday, August 26, 2010

Banks back switch to renminbi for trade

Banks back switch to renminbi for trade

By Robert Cookson in Hong Kong

Published: August 26 2010 17:55 | Last updated: August 26 2010 17:55

A number of the world's biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China.

HSBC, which recently moved its chief executive from London to Hong Kong, andStandard Chartered, are offering discounted transaction fees and other financial incentives to companies that choose to settle trade in the Chinese currency.