RMB settlement favored by importers at Canton Fair
2011-November-3 Source: english.gz.gov.cn
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The third phase of the 110th Canton Fair opened on October 31. A manufacturer displayed a specially-made ultra-large backpack to trade visitors.

With its steady appreciation, Renminbi has increasingly become the preferred form of settlement for overseas enterprises. In the imports exhibition area of the third phase of the Canton Fair on November 1, the majority of the exhibitors accepted settlement in Renminbi and some even settlement in Renminbi only.

Yosef, an apparel buyer from Iran, said: "I often pay in Renminbi for my procurements with Chinese manufacturers, just as I would accept payments in Riyal (the Iranian currency)". He also said that settlement in Renminbi is very convenient for him as he has extensive business ties with Chinese companies, and that he was looking to place more orders at the Canton Fair. He indicated that in the pas, dollars accounted for more than half of his company's settlement with exporters, but now settlement in Renminbi is rising rapidly.

The appreciation of Renminbi also increases the profits of overseas companies which choose to settle in Renminbiopted for settlement in Renminbi. Wu Yumin, an executive of Malaysia's Tianyuan Food, said that she welcomes settlement in Renminbi, as it reduces exchange losses. Another Malaysian company executive said that settlement in Renminbi can save the trouble of exchanging from Ringgit to dollars and then from dollars to Renminbi, thereby reducing exchange losses.

(Translated by Guangzhou Association of Foreign Affairs Translators)

Editor: Olivia
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