DBS and EY Survey: 80% of Hong Kong Firms Surveyed Accept Renminbi Settlement

The DBS and EY survey polled 442 companies, of which 36 were Hong Kong companies; 81% of Hong Kong companies accept the renminbi as a settlement payment option, while the remaining 17% are considering adopting it in the next 1 to 2 years. DBS Hong Kong head Yin Ling said growth in renminbi trade settlement is being driven by Belt and Road trade, with an electronics sector client purchasing on the mainland and then exporting via Hong Kong to Belt and Road countries, with some goods priced and settled in renminbi.