Travelex GEO Launches RMB Payments into China
Travelex Global Business Payments, a payments specialist, has announced that their business customers will now be able to trade in Chinese renminbi (RMB) through Travelex’s GEO Global Clearing Network.
Customers of Travelex will now be able to trade directly with authorised Chinese companies, which will help to strengthen trade relationships with Chinese suppliers and allow businesses to mitigate against foreign exchange (FX) risks. For many businesses, the ability to price, settle and invoice in RMB will encourage a faster, cheaper and more transparent supply chain.
David Sear, global managing director at Travelex Global Business Payments, said: “The historical significance of a fully convertible RMB cannot be understated and the movement away from using the US dollar as the default settlement currency has already begun. Savvy businesses in Europe, US and Asia-Pacific are already changing their approach on trade related cross-border payments to benefit from this ability to pay Chinese companies in RMB. Making RMB payments available through GEO, provides easy access for a wide range of small businesses, corporates and partners, who previously had to rely on a relatively small number of major banks.”
Travelex intends to roll out the service in late June.