2012-07-25

Yuan replacing Hong Kong Dollar

Yuan payments on rise while HK dollar slips
The Hong Kong dollar, which in 2010 was in seventh place, had dropped to 10th as of June, and has been overtaken by the Swiss franc, Swedish krona and Singapore dollar.

Chan Tze-ching, a senior adviser with the Bank of East Asia (SEHK: 0023), said the Hong Kong dollar's drop might be related to the growth in yuan trade settlement in Hong Kong.

While the yuan is not yet fully convertible, China has moved over the past three years to ease the rules to encourage more international firms to use its currency to settle trade and investments.

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