Businesses that can bridge two worlds have the advantage

"Being a top 10 currency should be a matter of pride for Chinese all over the world," said Nader. "The top seven currencies are considered to be 'majors' and the RMB is one step away from that."

"If liberalization of the rules surrounding the RMB continues, it will be one of the top five currencies by the end of the year," Nader said.

Nader said that the desire for imports will continue to grow as the middle class grows in China, providing obvious opportunities for US businesses, especially those Chinese-owned (such as the Lees').

"Chinese business owners in the US who have in a sense bridged the world's two largest economies naturally have a strong position," he said.

"Having said that, savvy businesses around the world will look to make it easy for the Chinese to buy from them and allow the Chinese to pay for imports in the RMB. The more attractive you make yourself as a buyer, the more competitive you will be."

As attractive as it sounds, there are still challenges - such as the cultural difference.

"We have seen with many of our clients who trade with China that differing styles of communication can often be a hurdle to overcome," Nader noted.

Many businesses in China are unaware of the rules surrounding the use of the RMB for trade that a licensed importer and exporter can settle trade in the RMB, Nader added.

"If Chinese business owners in the US become familiar with the current rules, they have more opportunities to negotiate better prices and payment terms if paying for goods in the RMB," he noted.

"That is a trend that I hope will grow this year."

Contact the writer at yuweizhang@chinadailyusa.com.

(China Daily USA 02/25/2014 page2)