Renminbi Already Used by Most Surveyed Firms in Several Asian Markets

What changed

A DBS survey of 422 corporate and treasury leaders across 11 markets found that the renminbi is already used by 81% of respondents in Hong Kong and Taiwan, 80% in South Korea, 68% in Indonesia and 67% in Singapore. Demand also appears poised to spread: 54% of respondents in Australia and 51% in the United Kingdom said they may use the currency within the next one to two years.

Why it matters

The figures point to a practical, business-led expansion of the renminbi. Trade and investment remain the main reasons companies use it, but the currency is also moving into ordinary treasury work: 55% cited making transactions with Chinese counterparties easier, while 50% cited China investment strategy and financial connectivity.

That matters because currency adoption often starts in the finance department, where companies choose the payment and funding tools that make cross-border business simpler. The strongest current usage in nearby Asian markets, alongside prospective demand in Australia and Britain, suggests the renminbi’s reach is being shaped by commercial ties rather than by a single formal announcement.

The survey is a measure of reported corporate use, not economy-wide adoption or transaction volume. Its clearest signal is therefore narrower but still significant: among the companies questioned, the renminbi is already part of routine regional finance, and more firms are considering adding it.