HSBC: The global share of RMB payments is expected to double as its role as a treasury currency strengthens and drives growth

(1) Vina Cheung, Global Head of RMB Internationalization at HSBC Holdings, stated that the share of RMB in global payments could potentially double from the current 6%—7%. (2) She indicated that a major driver for further growth is that more and more companies are treating RMB as a functional treasury currency rather than just an occasional settlement option. (3) Cheung mentioned that clients are moving from “considering use” to “actual use”: five years ago, clients asked “Can we pay in RMB?” merely to test if the system could run smoothly; now, they ask whether RMB can be used throughout the entire supply chain for payments, allocation, receipts, hedging, pooling, and investment.