Shops to accept Chinese money

An Oxford academic has predicted that major UK stores will need to stock and accept Chinese currency in the next few years, such will be the strength of the Chinese economy and the impact of Chinese tourists. 

Dr Karl Gerth of Merton said, “With China’s huge population and spending power it is no surprise that big firms are bending over backwards to meet the demands of the Chinese consumer.”

 

Some luxury stores in London have already taken the unprecedented move of setting up China Union-Pay debit card terminals, which are seldom seen outside of China, to take advantage of the vast spending by China’s millionaires.

 

Gerth suggested that with the growth of China’s middle class and the ever-increasing popularity among the Chinese for foreign travel, acceptance of Chinese currency in UK stores will inevitably become widespread.