Non-Chinese companies are increasingly using the renminbi as an international currency and expect to more than double the volume of transactions in the next five years, despite several obstacles, according to research.
The renminbi is the second most-used currency for European and US carmakers such as Volkswagen, Daimler, Ford andGeneral Motors, which have big markets in China.
But a survey of 150 senior executives from multinational companies found that more than half of non-Chinese companies had used the renminbi for payments outside mainland China, mainly to benefit from lower transaction and funding costs.
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