HSBC sees yuan convertibility

China's yuan will become fully convertible within five years as authorities seek to promote global use of the currency, HSBC Holdings PLC forecast. A third of China's total trade will be settled in yuan by 2015, up from nearly 12 percent at present, and that would make it one of the top three global trade settlement currencies by volume, economists Qu Hongbin, Sun Junwei, Paul Mackel and Wang Ju wrote in a research report received on Monday via e-mail. China is expanding the role of the yuan in international trade and finance as it loosens controls on the currency and opens up its financial markets.

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