by Renaud Anjoran in 'Quality Inspection Blog'
The possibility to pay Chinese suppliers in RMB is a recent development that importers should be aware of.
Last week I attended an excellent seminar organized by the French Chamber of Commerce in Hong Kong. RMB settlement was a hot topic.
There are no restrictions at all for Hong Kong-based companies to convert their dollars or euros into Chinese yuan (RMB), and to pay Chinese supplier directly in that currency.
An HSBC representative told the audience that most importers, including many of the largest ones, are not fully aware of the current situation.
The finance director of Tesco Int’l Sourcing explained that they decided to settle their invoices with Chinese suppliers in RMB mainly for three reasons:
He also noted that it takes time to switch a purchasing organization to settle in RMB:
Has anybody got an experience with RMB settlements?