Western Union Sees Significant Increase in Use of Chinese Renminbi for Business Payments by U.S. Firms
02 10월 2012 - 7:00PM
Business Wire
Western Union Business Solutions, a business unit of the Western
Union Company (NYSE:WU), a leader in global payment services, has
seen increased client appetite for making payments to China in its
local currency, the Renminbi (RMB).
“Businesses around the world are reevaluating how they transact
business with China,” said Alfred Nader, Vice President of
Corporate Strategy & Development, North America, at Western
Union Business Solutions. “While the vast majority of the payments
we send are still being made in U.S. dollars, in a very short
period of time we have seen a surge in the number and value of
payments companies are sending to China in Renminbi, particularly
among small and medium sized businesses.”
Western Union Business Solutions’ American clients increased the
number of RMB payments to China by over 15% in the second quarter
of 2012 compared to the previous quarter. In the UK, RMB payments
rose nearly 10% over the same period, while France and Australia
recorded increases of approximately 30% and 25% respectively.
Mr. Nader continued, “Recent policy developments in China have
dramatically altered the trade-related payments landscape, enabling
businesses globally to pay in Renminbi. We were the first non-bank
to launch direct RMB payments just over a year ago and since then
we have seen steady growth. It is of course against a low base but
we are talking with our customers about the new policies, which has
clearly made a difference.”
“SMEs are starting to take advantage of the opportunities and
potential cost savings RMB usage can offer; the fact that they now
have the option to pay in Renminbi is clearly a good thing.”
Increasing RMB payment volumes are consistent with the findings
of research conducted by Western Union Business Solutions late last
year that revealed a desire by Chinese companies to receive
payments in RMB; 20% of the companies surveyed stated they added
fees of, on average, three percent to their invoices to cover
foreign exchange costs, representing an estimated $2.4 billion cost
to American businesses.1
Mr. Nader concluded, “It’s encouraging to see American
businesses adapting to the new environment to gain a competitive
edge in their negotiations and shave off some of the hidden costs
they can incur when paying in the U.S. dollar.”
Notes to Editors:
About Western Union Business
Solutions
Western Union Business Solutions enables companies of all sizes
to send and receive international payments and manage foreign
exchange, creating unique solutions tailored to suit their FX
needs. Western Union is a leading nonbank provider of business
payments, operating its Business Solutions services through locally
licensed affiliates and partners in 28 countries. Supported by a
network of trading offices, strategic banking relationships and a
proprietary global clearing network, businesses can send
cross-border payments in more than 135 currencies, including RMB.
Customers are able to make RMB spot transactions and forward
payments and manage Renminbi-denominated holding accounts.
Western Union Business Solutions provides services in the U.S.
through Custom House (USA) Limited and Travelex Global Business
Payments, Inc.
"Travelex" is a registered trademark of Travellers Exchange
Corporation Limited and is used by Travelex Global Business
Payments Limited and its affiliates (including Travelex Global
Business Payments Inc.) under license.
For more information, visit
http://business.westernunion.com/.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
June 30, 2012, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately
510,000 agent locations in 200 countries and territories. In 2011,
The Western Union Company completed 226 million
consumer-to-consumer transactions worldwide, moving $81 billion of
principal between consumers, and 425 million business payments. For
more information, visit www.westernunion.com.
1 Research conducted by Western Union Business Solutions found
that one in five Chinese exporters added an average of three
percent in fees or surcharges to account for FX risk associated
with receiving $USD payments. Based on the U.S. Census Bureau
figures for 2011, there was $399 billion worth of merchandise
imports from China into the United States. On this basis the value
of FX related fees charged by Chinese exporters is approximately
$2.4 billion, or three percent of the value of one-fifth of the
United States’ total imports from China.
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