"Most Chinese businesses look favorably on overseas partners who are using renminbi, both because it shows commitment and because it eliminates foreign exchange risk from their cost base," said Simon Cooper, chief executive of HSBC Commercial Banking.
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China's total trade in goods surpassed $4 trillion last year, as China overtook the U.S. to become the world's largest trading nation. According to the International Monetary Fund, China will add around $850 billion to global demand this year, the equivalent to adding an economy the size of Indonesia to global trade flows.
HSBC forecasts that a third of China's trade will be settled in renminbi by 2015 and that the currency will be fully convertible by 2017.
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Renminbi trading is partially restricted, as authorities fix a daily midpoint from which it can rise or fall by a certain amount. In mid-March, the central bank doubled that amount - the trading band - to 2 percent, in an effort to move towards opening it up to market forces.
For this year's survey, HSBC polled more than 1,300 decision makers from mainland China, Hong Kong, Singapore, Taiwan, Australia, Germany, France, Canada, the U.K., the U.S. and the United Arab Emirates who represent firms that conduct international business with China.