Banking giant HSBC said the Chinese yuan or renminbi (RMB), is likely to be one of the major currencies of settlement used in the Philippines given the two countries’ expanding trade relations.

In a press briefing on Wednesday, Vina Cheung, global head of Renminbi (RMB) Internationalization at HSBC, said the Philippines shows a huge potential for growth in business transactions settled in the Chinese currency over the next two to three years.

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