American Companies Send More Renminbi to China
September 04 2013 - 8:30AM
Business Wire
Western Union Business Solutions, a unit of the Western Union
Company (NYSE: WU), a leader in global payment services, has seen
strong growth in direct Renminbi (RMB) payments to China among its
clients in the first half of 2013.
“The growing demand we saw in 2012 for RMB has carried on into
2013, with the number and volume of Renminbi payments increasing
across all of our major markets,” said Raj Agrawal, president,
Western Union Business Solutions. “Businesses around the world are
becoming more aware of RMB internationalization and the benefits
that trading in the local Chinese currency can create for all
parties.”
Western Union Business Solutions’ American clients increased the
number of their RMB payments by almost 90 percent in the first six
months of 2013 compared to the same period last year. In the US,
Renminbi transactions now represent nearly 12 percent of all
payments to China, up from just over 8.5 percent in the first half
of 2012.
Australia was the second largest market for RMB payments behind
the United States, reflecting growth of almost 50 percent, while
the United Kingdom and Hong Kong increased their RMB transactions
by over 40 percent and 80 percent, respectively, over the same
period.
Australian clients sent about 6 percent of their payments to
China in renminbi in the first half of 2013, compared to 4 percent
in 2012, with British clients seeing similar growth from 3.7
percent to 5.3 percent. Not surprisingly, Hong Kong represents the
market with the highest percentage of renminbi payments, with 37
percent of transactions to China being made in RMB in the first
half of the year, compared to 28 percent a year ago.
“Japan, France, Singapore and New Zealand also recorded strong
year-on-year growth,” said Raj Agrawal. “While overall client take
up is modest compared to the likes of the United States and Great
Britain, the indicative trend we have seen in all four markets is
certainly towards steadily increasing demand for Renminbi.”
“SWIFT recently reported that the Chinese Renminbi has become
the world’s 11th most used currency and the demand we are seeing
certainly reflects this upward trend.”
Western Union Business Solutions enables companies of all sizes
to send and receive international payments and manage foreign
exchange, creating unique solutions tailored to suit their
individual needs. It is a business unit of the Western Union
Company (NYSE: WU), a leading nonbank provider of cross border
payments, which operates its Business Solutions services through
locally licensed affiliates in over 30 countries. Supported by a
network of trading offices, strategic banking relationships and a
global clearing network, businesses can send cross-border payments
in more than 135 currencies.
About Western Union:
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
June 30, 2013, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately
520,000 agent locations in 200 countries and territories and
approximately 115,000 ATMs. In 2012, The Western Union Company
completed 231 million consumer-to-consumer transactions worldwide,
moving $79 billion of principal between consumers, and 432 million
business payments. For more information, visit
www.westernunion.com.
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