First Rate has announced that in the week immediately preceding and the first week of the Olympic Games sales of Chinese yuan by foreign exchange retailers, supplied by its wholesale currency service, have increased by over 120 per cent compared to the same period in 2007.
Sales figures also revealed that almost a quarter of Olympic travellers (22 per cent) appear to be taking multi trip holidays, purchasing a second or even third currency at the same time as Chinese yuan, with Russian roubles and Hong Kong dollars the most frequent multi currency purchases after US dollars.
First Rate is the provider behind the Post Office’s market leading foreign exchange service. In February this year it provided the Post Office with a yuan on demand service to allow its retail outlets to meet the increased demand for the currency, as well as providing a home delivery online travel money ordering service.
The Post Office recently reported that the yuan is now in its top five fastest growing currencies and the yuan is likely to remain a currency in strong demand as China looks set to continue to reap the benefits of increased tourism the hosting of the Olympic Games will bring in the months and years to come. For example the latest figures from Sydney show annual visitors of over eight million people to the Olympic Park, almost double the number in 2000 when the Games were staged.
Gordon Gourlay, Managing Director First Rate said: “The Olympic Games attracts many thousands of people to the host country, both during and after the event. Currency retailers offering easy access to yuan and currencies from neighbouring countries will certainly have benefitted from increased sales from the Olympic Games. Looking beyond the Games, foreign currency retailers can expect yuan to remain in demand as China continues to reap the tourism benefits for years to come.”
First Rate is the UK’s leading provider of foreign exchange services to foreign currency retailers. Its yuan on demand service is just one of a wide range of white labelled foreign exchange services available to businesses large and small across the UK.
First Rate’s Travel Money Online solution provides high street and online retailers with a fully integrated online platform, allowing them to offer their customers access to over 70 currencies, notes and travellers cheques, currency advice and secure online payment. First Rate’s Travel Money Online service also allows customers to select their required delivery date, with orders received before 3pm available for delivery the next business day to addresses across the UK.