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Yuan snubbed by U.S. firms as rivals embrace currency, HSBC says

Posted on 18 July 2013

U.S. companies lag behind global peers in using the yuan for international trade, leaving them at a disadvantage as the Chinese currency plays a bigger role in cross-border transactions, according to HSBC Holdings Plc. (HSBA).
Only 9 percent of the 102 U.S. business leaders surveyed by HSBC for a report released today said they had conducted cross-border yuan transactions. In comparison, 47 countries are using the yuan for more than 10 percent of their payments with mainland China and Hong Kong, according to the Society for Worldwide Interbank Financial Telecommunication………………………………………..Full Article: Source


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