Foreign companies yet to tap full potential of renminbi in trade

Survey finds Chinese currency can be handy for cross-border transactions

Overseas companies are yet to realize the full benefits of using the renminbi as an invoice currency when doing business with China, said a new survey commissioned by global banking and financial services organization HSBC Holdings Plc.

The survey, released on Wednesday, shows that although 59 percent of the respondents plan to increase cross-border activities with the Chinese mainland over the next 12 months, only 22 percent currently settle transactions in yuan.