A growing number of companies in Europe are choosing to settle trade in renminbi to improve their position in price negotiations when doing business with partners in the world's second-largest economy, Deutsche Bank has found in a survey.
The bank surveyed 102 companies from the UK, Germany and the Netherlands in April and May and found that 20% of the respondents already invoice their trading partners in renminbi. The remaining 80% indicated that a switch to invoicing in renminbi is in the pipeline.
The companies said that using renminbi can help reduce prices in negotiations with Chinese business partners by an average of 4.8%. Around 60%...
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