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Increased use of the renminbi (RMB) in global trade settlement is expected to help accelerate the internationalization of the currency despite talk of further depreciation, Stuart Gulliver, group chief executive of HSBC Holdings Plc, told a forum in Hong Kong on Thursday.

"Early last year, many had expected steps to be taken to prevent a one-way appreciation of the RMB to slow the increase in the proportion of China's RMB trade settlement, but actually it continued to rise," he said.

The RMB fell 2.4 percent against the US dollar in 2014 against the backdrop of slowing economic growth that sparked a record $96 billion in capital outflow.

But that hasn't diminished the stature of the RMB which is reflected by the fact that it has become the fifth most-used currency for global payments in 2014, according to data from the Society for Worldwide Interbank Financial Telecommunication.

"Since 2010, (RMB) trade settlement has risen from near zero to 22 percent of China's total trade. And we expect it to (exceed) 50 percent by 2020," Gulliver said.

However, he said, the geographical spread of the mainland's trade partners denominating trade in the RMB remains very narrow. The lion's share takes place in Hong Kong, with most of the rest taking place elsewhere in Asia, he said.

Results of a HSBC survey show that RMB usage remains primarily driven by Asia Pacific markets, and usage levels in the region so far this year are broadly on a par with the previous year's figures.

Gulliver said the RMB will not become a reserve currency any time soon. But wider adoption of the currency proves an option for stability and yield, he said.

"By and large, the markets have, basically, already decided that the renminbi is a viable global currency and are using it as an alternative to the (US) dollar," Gulliver said, adding that the world will have three reserve currency systems - the US dollar, RMB and the euro.

selena@chinadailyhk.com

(China Daily 03/27/2015 page10)