by KK Tay, Head of Global Transaction Banking Asia Pacific, UniCredit
Under the banner of the renminbi (RMB), Asian influence continues to spread throughout the world. As corporates in China and the rest of Asia seek to expand into new continents, they can also benefit from influence flowing in the other direction. In particular, new treasury innovations can help take their growth to the next level, says KK Tay, Head of Global Transaction Banking, Asia Pacific at UniCredit
Chinese corporates are on the rise, and they are leading the way as a host of corporates all across Asia increase their dealings with foreign counterparties – particularly in Europe. This trend is seeing Asian influence set in all over the world – with the popularity of RMB settlement increasing exponentially over the past few years.
Meanwhile, increased interaction with foreign counterparties is allowing influence to flow in both directions. The potential for mutual enrichment is particularly strong in Europe, where firms are settling a growing number of trades in RMB in order to diversify their currency portfolios.