At the renminbi (still) the ghosts are divorced | Economy | '
Last year, every twentieth Commerzbank respondent said it did not want to billing renminbi in Chinese currency "for political reasons". This year it is more than twice as many: eleven full before five percent. Renminbi (German: Volkswährung) is the official name of the Chinese currency, the better known denomination Yuan is the numerical unit.
On the other hand, already 46 percent of large companies (in the survey, companies with an annual turnover of more than 250 million euros) already issue "Chinese invoices". In the coming year, two out of three German companies could issue bills on renminbi (67 percent). For mid-sized companies with an annual turnover of between 2.5 and 12.5 million euros, only nine percent have changed their invoicing (invoicing).
This is the conclusion of a study carried out by the market research institute Forsa on behalf of Commerzbank. In addition, more than 3,900 corporate clients of the bank were surveyed about Asian business in Europe. In addition, the bank also surveyed 100 Chinese corporate clients with international business. This survey was presented today in Frankfurt as part of a press conference.
Companies become more politically sensitive
The study comes to the conclusion that the renminbi is becoming increasingly important for Commerzbank corporate clients. In addition to "positive affirmations", the survey also contains more or less surprising insights: The companies clearly expressed their opinion on the current geopolitical situation – and, according to the authors of the study, already reacted to this.
In particular, solutions in risk management would become increasingly important. When asked about the advantages of billing in renminbi, 73 percent of customers for the first time use the "hedging of foreign exchange risk" as their main driver – compared with 60 percent in the previous year. Other key reasons include "Benefits of Price Negotiation", "Benefits of Market Access in Mainland China" and "Preferences of Chinese Trade Partners".
The "little ones" feel safer
The main barriers to the change are, according to the survey, "already established approaches" and the "preference of the trading partner for euros or US dollars". Due to the still rigid capital outflow restrictions, eleven percent of customers complain about "lack of confidence in the sustainability of the currency", which is roughly equivalent to the previous year's level.
Two-thirds of companies in Europe responded that they had felt little or no impact from the current geopolitical situation, while one-third felt significantly affected.
"Interesting for us is," said Michael Rugilo, Asia expert of Commerzbank, "that 44 percent of companies with an annual turnover of more than 250 million euros are affected above average, in contrast, feel only 15 percent of smaller corporate customers with a turnover between 2.5 and 12.5 million euros, the changed global economic conditions in their business. "
Above all hovers the geopolitical uncertainty
The survey of Chinese companies with business relationships with Europe reveals a similar picture: 29 percent of Commerzbank's Chinese corporate customers were already using the currency, with four percent planning to switch within one year, and 67 percent not planning to change.
58 percent of customers in China said they were receiving the impetus to change from abroad. According to the survey, currency hedging plays a minor role at 19 percent. As hindrances to 53 percent again the "trading partner and his preference" called, but also "established approaches".
Barbara Herbert, Commerzbank's renminbi expert, summarizes the survey results as follows: "While the tone of last year's survey was hope for a return to the Chinese currency's rate of liberalization, corporate clients are now increasingly concerned with the impact of changing geopolitical conditions on their China -Business."
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