Fitch: CNY Internationalisation Positive for Chinese Corporates

December 1, 2015 7:03 AM

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(The following statement was released by the rating agency) SINGAPORE/SYDNEY, December 01 (Fitch) The continued internationalisation of the Chinese yuan - as reflected in the IMF's decision to include the currency in its Special Drawing Rights (SDR) basket - will have long-term positive effects for Chinese corporates, says Fitch Ratings.

Rapidly increasing foreign holdings of yuan-denominated assets - and growth in the use of yuan in cross-border payments amid the gradual opening of the domestic market to foreigners - is likely to reduce currency-exchange costs over the long term. The yuan has risen to become the fifth-most-used cur...

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