GÖKHAN KURTARAN
Wednesday, May 11, 2011
ISTANBUL - Hürriyet Daily News
 'Especially for Asian economies, adopting the yuan would be the best choice in international trading,' says Ben Chan (L), a senior vice president at HSBC. |
The Turkish Central Bank should seriously consider reserving China’s yuan, according to Junwei Sun, HSBC’s global research economist.
The Chinese currency is already on its way to becoming the third most important global currency following the United States dollar and the euro, Junwei Sun told the Hürriyet Daily News on the sidelines of a Wednesday meeting organized by the lender’s local branch.
“As some Asian central banks, such as Hong Kong and Thailand, started to reserve the yuan, Turkey should also seriously consider reserving the Chinese currency,” she said. “I believe Turkey will consider this more as the bilateral trade and investment increases in next few years.”
The economist said the Turkish Central Bank might aim to prepare for the Chinese currency’s internalization over the long haul amid China’s growing influence in the global market.
Agreeing with Junwei, Turkey would most likely move in line with other central banks, said Virma Sökmen, HSBC’s vice general manager of corporate banking in Turkey.
Turkish and Chinese business relations are strengthening she said, adding that Turkey’s total export volume reached $2.2 billion by the end of last year. “Since 2000, the export volume to China increased by 2,248 percent,” she said.
Ben Chan, senior vice president of business planning and strategy at HSBC, said, “Especially for Asian economies adopting the yuan would be the best choice in international trading.” He estimated nearly half of the Chinese international trade volumes up to nearly $2 trillion would be done in yuan by 2015.
“China, as the largest exporting country of the world and a global manufacturing center, will increase the use of the yuan in international trade, making the yuan the third the most important global currency,” he said.
According to official figures, Turkey’s imports to China reached $17 billion last year.
“Turkey imports many intermediate products from China and exports to European markets,” Sökmen said, recalling that trading in yuan might put Turkey in an advantageous position due to currency rates. “We completed the first yuan transactions very recently from Turkey to China with no problem,” said Virman, who called on Turkish traders and investors to use “the new global currency of the world.”
Turkey and China agreed to use local currencies, the Turkish Lira and the yuan, in bilateral trade relations after a November meeting between Turkish Prime Minister Recep Tayyip Erdoğan and Chinese Premier Wen Jiabao in Ankara.
The Chinese currency is already on its way to becoming the third most important global currency following the United States dollar and the euro, Junwei Sun told the Hürriyet Daily News on the sidelines of a Wednesday meeting organized by the lender’s local branch.
“As some Asian central banks, such as Hong Kong and Thailand, started to reserve the yuan, Turkey should also seriously consider reserving the Chinese currency,” she said. “I believe Turkey will consider this more as the bilateral trade and investment increases in next few years.”
The economist said the Turkish Central Bank might aim to prepare for the Chinese currency’s internalization over the long haul amid China’s growing influence in the global market.
Agreeing with Junwei, Turkey would most likely move in line with other central banks, said Virma Sökmen, HSBC’s vice general manager of corporate banking in Turkey.
Turkish and Chinese business relations are strengthening she said, adding that Turkey’s total export volume reached $2.2 billion by the end of last year. “Since 2000, the export volume to China increased by 2,248 percent,” she said.
Ben Chan, senior vice president of business planning and strategy at HSBC, said, “Especially for Asian economies adopting the yuan would be the best choice in international trading.” He estimated nearly half of the Chinese international trade volumes up to nearly $2 trillion would be done in yuan by 2015.
“China, as the largest exporting country of the world and a global manufacturing center, will increase the use of the yuan in international trade, making the yuan the third the most important global currency,” he said.
According to official figures, Turkey’s imports to China reached $17 billion last year.
“Turkey imports many intermediate products from China and exports to European markets,” Sökmen said, recalling that trading in yuan might put Turkey in an advantageous position due to currency rates. “We completed the first yuan transactions very recently from Turkey to China with no problem,” said Virman, who called on Turkish traders and investors to use “the new global currency of the world.”
Turkey and China agreed to use local currencies, the Turkish Lira and the yuan, in bilateral trade relations after a November meeting between Turkish Prime Minister Recep Tayyip Erdoğan and Chinese Premier Wen Jiabao in Ankara.
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