Ikea, the world’s largest furniture retailer, is among the first batch of multinationals to pioneer the use of the Chinese currency in international trade.
Its adoption of the renminbi marks a big change from the position a few years ago, when the Swedish retailer could use only US dollars in trade because of Beijing’s strict currency controls.
“We want all of our local businesses to be using their respective local currency when settling cross-border trade in our supply chain – and until recently this was not feasible for China,” says Raj Rai, Ikea’s regional treasury manager for Asia.
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