Tapping growing renminbi worldwide

European companies that ignore the renminbi are at risk of losing out especially given the rapid pace of the currency’s growth in the world.

The spotlight in March was on new offshore renminbi hubs. Just before the trip to Europe by president Xi Jingping, China signed agreements with Germany and the UK for clearing and settlement of the Chinese currency. In February 2014, the renminbi stood in eighth position as the most used currency in global trade payments, up from 13th place last January, according to Swift’s monthly RMB Tracker published on March 26.

“As this trading relationship continues to strengthen, the ancillary financing requirements will broaden...