Travelex Global Business Payments has
announced that its business customers will now be able to trade in
Chinese renminbi.
Travelex will be the first non-bank payments
specialist to offer business transfers in the Chinese currency.
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Travelex customers will be able to trade
directly with Chinese companies.
According to the People’s Bank of China,
cross-border trade settled in renminbi is growing rapidly under new
scheme regulations, reaching $78bn in 2010 and 2011 volumes having
already exceeded last year’s total in April. The Bank of China is
working to internationalise the currency and a growing list of
commentators see the renminbi becoming a reserve currency within as
little as five years.
“The historical significance of a fully
convertible renminbi cannot be understated and the movement away
from using the US dollar as the default settlement currency has
already begun,” said David Sear, global managing director at
Travelex Global Business Payments.
“Savvy businesses in Europe, US and Asia
Pacific are already changing their approach on trade related cross
border payments to benefit from this ability to pay Chinese
companies in renminbi. Making renminbi payments available through
GEO, provides easy access for a wide range of small businesses,
corporates and partners, who previously had to rely on a relatively
small number of major banks.”
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By GlobalDataTravelex intends to roll out the service in
late June.
