text: Copying and distributing are prohibited without the permission of the publisher. If you wish to distribute this content please contact Christopher Hunt (firstname.lastname@example.com) for a quote. Subscribe today: Order Euromoney by contacting us on +44 (0)20 7779 8999 (UK) or +1 212 224 3570. Renminbi offers bright spot amid global trade finance slump By: Rebecca Brace Published on: Wednesday, December 11, 2013 The renminbi's impressive rise this year as a global trade finance currency is a positive development for a critical market that has been buffeted hard in recent years by limp demand and financial regulation. Print Order Share Share on facebook Share on twitter Share on linkedin Share on googleplus According to Swift, the renminbis evolution as a global currency continues apace and it is now only second to the dominant US dollar as a trade finance currency, having surpassed the euro for the first time. Historically, trade between Chinese companies and overseas companies was largely US dollar denominated but since the introduction of Chinas cross-border renminbi trade settlement scheme in 2009, a growing percentage of trade between leading Chinese companies and overseas counterparties has been conducted in the Chinese currency. Having represented only 1.89% of activity in letters of credit and collections in January 2012, the renminbi now accounts for 8.66% of the global market, while the euro has moved down into third place at 7.87%. The US dollar remains dominant, accounting for 81.08% of trade finance. This growth is impressive and particularly so, given that in the year-to-date total global trade finance volumes have plummeted to $97 billion from about $181 billion compared with a year ago, according to Dealogic. Much of this drop-off is due to a prolonged slump in demand from importers and exporters the world over, but financing channels have also been constrained by stringent Basel III bank capital regulations. While trade finance volumes are unlikely to recover until global economic growth picks up and there is greater clarity on how trade finance is treated under Basel III, the rise of the renminbi is at least a positive move, highlighting the future direction of the market. One of the main factors contributing to the renminbis growth, says Wim Raymaekers, head of banking and treasury markets at Swift, includes the availability of liquidity in the currency. He cites the growing trend for Chinese banks to establish branches in European cities including Frankfurt and Luxembourg, where Chinas three largest banks have their European headquarters. Weve also seen increased availability among banks, including Chinese banks, in terms of their product offering, he adds. At a recent renminbi conference in London, you could see banks very actively promoting their capabilities and product offerings in areas such as trade finance, trade settlement and providing liquidity in renminbi FX. Raymaekers points out that an important factor driving the adoption of the renminbi is that banks have the capabilities to provide those transactional services to their customers in these countries. Regulatory developments are also contributing to the adoption of renminbi in trade finance. Michael Vrontamitis, at Standard Chartered Following Peoples Bank of Chinas circular 168 in July, a series of new measures, including but not limited to simplified cross-border renminbi trade settlement procedures and taking the cross-border inter-company lending scheme beyond its early pilot status, have been well received by corporates, says Michael Vrontamitis, head of product for Asia, transaction banking at Standard Chartered. There is now less operational burden and a shorter turnaround for renminbi trade settlements. Despite the rapid growth of renminbi in trade finance, Raymaekers points out that trade finance is only used in around 20% of global trade transactions. Overall, renminbi is the 12th-largest payments currency, with an activity share of 0.84% in October 2013. Some of those payments are now being made in renminbi, to the extent that the renminbi has moved from number 20 to number 12, says Raymaekers. It is a good progression, but there is still quite a long way to go. Noel Quinn, group general manager and regional head of commercial banking for HSBC Asia Pacific, agrees there is more to come. In the next five years, we expect the renminbi to be fully convertible and have forecast that over half of Chinas trade with emerging markets will be settled in renminbi in that time, he says. However, the vast majority of businesses outside of Greater China still haven't taken full advantage of the renminbi for cross-border transactions. Raymaekers says Germany and France are two countries in which renminbi payments are becoming more widespread, as both countries are big trading partners of China. On the other hand, adoption in the US has been limited, despite trade ties with China. Since the US dollar is the countrys domestic currency, there is less incentive for companies in the US to trade in renminbi. Nevertheless, it is expected that the role of the Chinese currency in global trade will continue to grow at a global level. We expect Chinas total trade to double in size between now and 2020, says Vrontamitis. We also think the share of trade invoiced in renminbi will double to some 28%. To receive similar stories, sign up for Regions and emerging markets emails. 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Tel: 01983 403883
How to Book
There is one experience available every Saturday from April - October. We are not currently planning on running this experience outside those months.
Other days of the week may be available on enquiry depending on staff availability. The experience runs from 10am - 4pm and is for one person.
If you have a particular date in mind we recommend you book prior to purchase. Please contact Steve on 01983 40388301983 403883 or email him at email@example.com.
If you would like to purchase an open ticket you can buy this online today.
Please note that you must book this experience in advance.
Who can participate?
This experience is for people who are 18 or over. It is not suitable for pregnant women or nursing mothers.
If you have a mobility issue or learning disability please contact us before booking to discuss your needs.
Price: £195.00
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subset: commoncrawl


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In a message dated 08/21/2001 2:31:07 AM Mountain Daylight Time, laurie wrote:
> Interestingly, though, one of our
> cats - Billy - has designated himself Guardian of the Irises. He spends
> long hours in the iris beds, daring any bambi to come too close. The
> deer aren't actually afraid of him, but they do show him the respect of
> an occasional snort and stomp.
LOL! Sounds like you need a sign: Beware of the cat!
Nina McClure
Denver / zone 5
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The Chilean saw his side win a Ligue 1 game at the Velodrome at the third attempt thanks to the attacker's double and one goal apiece from Florian Thauvin and Abdelaziz Barrada
Dimitri Payet scored twice as Olympique de Marseille romped to a 4-0 victory over Nice on Friday to claim their first home win under Marcelo Bielsa.
The 59-year-old coach endured a disappointing start to his reign at the Stade Velodrome, as his side gave up a two-goal lead to draw with Bastia before suffering a 2-0 home defeat at the hands of Montpellier.
However, victory at Guingamp last weekend provided Marseille with a welcome boost and they ran out convincing winners against Nice on Friday, with Payet and Florian Thauvin particularly influential.
Nice started brightly but fell behind in the 19th minute when Payet fired home after an initial effort had been blocked.
Marseille duly seized control, Thauvin seeing a goalbound shot cleared away by a defender before doubling his side's lead on the stroke of half-time with a close-range finish from Andre Ayew's cutback.
A third goal arrived three minutes into the second half as Thauvin turned provider, adding an assist to his name for Payet to find the net with a fine diving header.
Payet's second looked set to round off the scoring, but Abdelaziz Barrada added a fourth late on with just three minutes remaining, as the substitute converted a tap-in to claim his first goal for Marseille.
Marseille now move to third in the league, having played a fixture more than their opponents, and face bottom-placed Evian after the international break.


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If clean, renewable, community energy continues to expand, the arguments to restart nuclear power plants and build new coal power plants will no longer hold sway in Fukushima.
Over a span of decades, hundreds of thousands of pounds of C-8 was dumped by DuPont into the Ohio River, where it found its way into the area's drinking water.
Arundhati Roy is an Indian novelist, activist and a world citizen. She won the Booker Prize in 1997 for her first novel The God of Small Things.
Since winning the Booker Prize, she has concentrated her writing on political issues. These include the Narmada Dam project, India's Nuclear Weapons, corrupt power company Enron's activities in India. She is a figure-head of the anti-globalization/alter-globalization movement and a vehement critic of neo-imperialism.
In response to India's testing of nuclear weapons in Pokhran, Rajasthan, Roy wrote The End of Imagination, a critique of the Indian government's nuclear policies. It was published in her collection The Cost of Living, in which she also crusaded against India's massive hydroelectric dam projects in the central and western states of Maharashtra, Madhya Pradesh and Gujarat.
Roy was awarded the Sydney Peace Prize in May 2004 for her work in social campaigns and advocacy of non-violence.
In June 2005 she took part in the World Tribunal on Iraq. In January 2006 she was awarded the Sahitya Akademi award for her collection of essays, 'The Algebra of Infinite Justice', but declined to accept it.


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Hotfrog NewZealand provides information regarding Kolony in Hamilton Lake Waikato. Kolony is located at 1187 Victoria St, Hamilton Lake Waikato 3200 and provides Website Design services. Contact them on 027 384 5922 or by visiting them on their website http://www.kolony.co.nz.
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241B kahikatea Drive, Hamilton Hamilton Lake Waikato 3204
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