Yuan trade finance rises in Hong Kong as firms seek cost efficiencies amid US-China tensions

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Yuan trade finance rises in Hong Kong as firms seek cost efficiencies amid US-China tensions - SCMP

Quick Summary:

The Chinese currency’s cheaper funding costs and growing offshore liquidity, coupled with a new facility, are boosting its appeal.

Carmen Chan, Standard Chartered’s head of trade and working capital for Greater China and North Asia, said the yuan’s use in trade finance was gaining momentum, particularly among companies in sectors such as electric vehicles, solar panels and engineering, procurement and construction.

The yuan’s cheaper funding costs are expected to persist, as the gap with the US remains wide because of the slower-than-expected interest rate cuts by the Federal Reserve.