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Generation ¥ - RMB: the new global currency infographic

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China’s currency, the renminbi (RMB) has become international with amazing speed. How are global businesses managing its rise?

Publicada em: Economia e finanças
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Generation ¥ - RMB: the new global currency infographic

  1. 1. 20th position An Economist Intelligence Unit report, commissioned by Allen & Overy An Economist Intelligence Unit survey, commissioned by Allen & Overy China’s currency, the renminbi (RMB) has become international with amazing speed. How are global businesses managing its rise? 102% 0 20 40 60 80 100 120 RMB All currencies 4.4% 2014 global payments value growthRMB’s position in total value of currencies used for global payments (according to SWIFT) 20th position 2011 2013 5th position 2015 JANUARY The dramatic rise in international usage of RMB is the result of steps taken by China to open up its financial markets. Non-Chinese companies’ use of the currency is expanding and changing dramatically Importance of RMB to international business 15% 75% RMB is important to their business RMB is very important to their business Multinationals are using RMB for much more than just payments Top 5corporate usages of RMB offshore other than trade settlement. In the past year (% respondents): 47% 51% 50% 49% 48% To pay staff/payroll Intercompany cross-border lending Channel RMB offshore and convert to other currencies Channel RMB offshore without converting to other currencies To finance acquisitions Why paying in RMB is paying off Top 5reasons for using RMB in cross-border transactions: To lower transaction costs To lower funding costs/cost of capital To access new business opportunities To broaden access to onshore buyers and suppliers For timelier settlement ¥ 0 20 40 60 80 100 Devolved m ore pow erto decision-m akers in m ainland Relocated regionaltreasury operations to China Allow ed greaterpricing pow er overproducts in China Expanded expansion strategyto ‘second tier’cities in China M ore flexibilityin setting salaries and benefits in China G reaterexpansion overseas from operations based in China Restructuring ofregional supplier/vendornetw ork Restructuring ofglobal supplier/vendornetw ork M ore investm entdevoted to m ainland expansion plans (because oflow erfunding costs) Strategic shifts How internationalisation of the RMB has affected company strategy Already done Not done yet but possible with further liberalisation of RMB To download the full report visit http://www.allenovery.com/news/en-gb/articles/Pages/Multinationals-are-ill-equipped-to-handle-rapid-rise-in-RMB.aspx The report is based on a survey of 150 senior executives conducted in January-February 2015, including 50 from each of the US, Europe and the Asia-Pacific region. All the companies in the survey have some exposure to the remninbi, but companies headquartered in greater China were excluded to ensure the results reflected how the liberalization of the currency is affecting corporate strategy globally. Data are % respondents to survey unless noted. Percentage of respondents paying/receiving in RMB for settlement of cross-border trade in: IndiaRussia Mainland China Australia/ New Zealand Africa UK The Euro Zone Japan North America Middle East Other ASEAN Countries Hong Kong SingaporeTaiwanSouth Korea 88%79%75%61% 59% 58%57%54%48% 48% 46%40%37%36%34% Frankfurt Most attractive locations outside Hong Kong for managing RMB liquidity over next 5 years 0 10 20 30 40 50 60 70 80 Shanghai FTZ Singapore Luxembourg London Frankfurt Where will win? 78% Shanghai FTZ 33% London 52% Luxembourg 14% 77% Singapore 0 10 20 30 40 50 60 70 80 Hurdles to clear The rapidly increasing volume of RMB-denominated transactions presents challenges for many companies % respondents rating issue “very important” or “important” 0 10 20 30 40 50 60 70 80 2 3 41 2 3 4 1 Lack of common technical standards Uncertainty over exposure to regulatory risk Political risk; i.e., China policy reversal Delays in rollout of CIPS 57% 31% 28% 74% % respondents rating issue “very important” or “important” 2 3 41 Poor understanding within company about RMB transactions Need for changes to intra-company invoicing model Need for company to devise new hedging strategy Poor onshore-offshore bank IT connectivity 44% 40% 38% 77% 2 3 4 1Company-specific obstacles Regulatory obstacles RMB: the new global currency Generation ¥

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