Overseas companies are yet to realize the full benefits of using the renminbi as an invoice currency when doing business with China, according to a survey by HSBC Holdings. The survey shows that although 59% of the respondents plan to increase cross-border activities with the Chinese mainland over the next 12 months, only 22% currently settle transactions in yuan. According to HSBC, the figures also highlight the huge growth potential for yuan-denominated trading activities with Chinese companies, as China overtook the United States to become the world’s largest trading nation in 2013 with its trade in goods surpassing USD4 trillion. HSBC estimates that about one-third of China’s trade will be settled in yuan by 2015. Mark Emmerson, head of global trade and receivables finance for HSBC in the United Kingdom, said most foreign companies move toward the yuan invoicing model at the request of their Chinese partners, who look favorably on overseas partners who use the yuan as it shows commitment and eliminates foreign exchange risks. He said that most foreign companies use yuan to manage import and export, but some also do it for liquidity management reasons. The survey questioned 1,304 international and Chinese companies that have cross-border trade activities. Half of the respondents from Singapore, 44% from the U.S. and 42% from the UK said they believe yuan usage brings financial benefits, but less than one third of their German and Canadian peers share the view, the China Daily reports.