Evidence the yuan is becoming truly global can be found in Rongrong Huo’s passport, which shows the HSBC banker bouncing from Switzerland to South Africa fielding inquiries from a growing number of clients on how they can trade China’s currency.
“The market potential is huge,” Huo, who heads HSBC’s yuan business development for Europe, said in an interview after returning to London from Warsaw. “Companies are asking, how can we make progress on this front? And investors are asking, how can we bring the yuan into our asset allocation? It’s encouraging to see the engagement. It’s about the future.”