H&M mulls ditching US dollars for Chinese yuan

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HM mulls ditching US dollars for Chinese yuan

The Local – Swedish fashion giant Hennes Mauritz said Wednesday it’s considering dumping the use of the US dollar in favour of the Chinese yuan to guard against currency fluctuations. “A lot of our rivals have already begun paying directly in yuan,” HM’s head of investor relations Nils Vinge told the Wall Street Journal. While most of the clothes sold in HM’s shops are produced and purchased in Asia, about 80 percent of the transactions are denominated in US dollars. Read Article

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