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Firms Missing Out on China Boom Despite RMB Uptake
Nearly a quarter of global businesses are now using the renminbi (RMB) to trade with China, yet only two in five firms are aware of the trade initiatives being put in place by the Chinese government to facilitate cross-border trading, a HSBC Commercial Banking survey shows. Of the 1,600 decision-makers polled, 24% of companies that are trading with China say they now do so using the renminbi, up from 17% last year. But just 41% said they were aware of the government’s flagship Belt and Road initiatives, intended to generate USD2.5 trillion of cross-border commerce annually through policy and infrastructure developments, including plans to boost trading connectivity.

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