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FOREIGN EXCHANGE | Cesar Tordesillas, Indonesia

HSBC Indonesia sees increased renminbi utilization

A senior official at Indonesian branch of 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," said Nirmala, according to a report by Xinhua

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.

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