SWIFT’s RMB Tracker shows that the RMB is now the most active currency used by the UAE and Qatar for direct payments with China and Hong Kong.
Vina Cheung, HSBC’s Global Head of RMB Internationalisation, Global Payments and Cash Management, Asia Pacific, comments, “The volume and value of trade between the Middle East, China and Hong Kong is fast expanding. In the last two decades bilateral trade has increased more than fifty-fold. As these ancient silk road routes reawaken, we expect more Middle Eastern companies to turn to the renminbi to settle trade payments.”
