The internationalization of the renminbi took another step forward in March when all companies in mainland China were permitted to conduct cross-border trade in the currency. No one claims that a revolution is about to occur but the impact will be profound.
“The transition will be relatively slow,” says Madhavan Ramaswamy, global head, product management, banks, transaction banking, at Standard Chartered. “Asian countries have already begun to make the change to renminbi and Africa and Latin America will follow with Europe and the US last.”
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