According to the report from HSBC, the top five settlement currencies for the second half of 2011 will be the US dollar, the euro, the Chinese yuan, British pound and Japanese yen, respectively. This research includes 6,000 trade companies within 21 global markets.[Why Chinese yuan ETFs May Be Ready To Pop.]
Ouyang Bosi, head of the Trade and Supply Chain Department of HSBC Bank (China), said the bank is planning to enhance its yuan business services in overseas markets to meet the growing demands for cross-border yuan trade settlement.
The weaker U.S. dollar has helped boost the yuan to trade at one of its highest levels in 20 years, says People’s Daily Online.
Tisha Guerrero contributed to this article.