Travelex launches yuan trading
07/06/2011
Travelex will offer business customers the opportunity to trade directly with Chinese companies in Chinese yuan.
David Sear, the global managing director at Travelex Global Business Payments, believes this will happen within the next three years.
Travelex will introduce the yuan payments service in China at the end of June. It has 38,000 business customers in 14 countries.
Traditionally, companies exporting to China have had to deal with intermediaries and pay in US dollars, typically incurring 6 to 10 per cent in transaction fees.
Source: Sydney Morning Herald
Previous Article Next Article
