Chinese yuan among top 10 most traded currencies

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Chinese yuan among top 10 most traded currencies

Postby long_way » Tue Sep 10, 2013 9:40 pm

Chinese yuan among top 10 most traded currencies
Currency not fully convertible, but Chinese leaders encouraging international exchange
The Associated Press Posted: Sep 6, 2013 1:16 PM ET Last Updated: Sep 6, 2013 1:15 PM ET

China's yuan has joined the ranks of the most traded currencies for the first time, underlining the growing might of the country's economy, the world's second-largest.

The yuan became one of the top 10 traded currencies in 2013, rising to No. 9 on the list due to a "significant expansion" in offshore trading, the Bank for International Settlements said in a report Thursday. It's a sharp jump from the bank's last survey in 2010, when the yuan, known in China as the renminbi or "people's money," was No. 17 on the list.

Turnover in trades involving yuan surged to $120 billion a day on average in April 2013, three and half times more than the $34 billion US in 2010. Still, that figure is dwarfed by the U.S. dollar, which accounted for about $4.7 trillion daily.

Read the whole article: http://www.cbc.ca/news/business/story/2 ... ading.html

Yuan expected to become major world currency
MARK MACKINNON
BEIJING — The Globe and Mail
Published Friday, Jun. 03 2011, 6:19 PM EDT
Last updated Friday, Aug. 24 2012, 3:57 PM EDT

Chinese policy makers are moving toward the internationalization of the yuan, amid growing worries about the country's exposure to the fiscal woes of the United States and the U.S. dollar's role as the global reserve currency.

Li Daokui, an adviser to the People's Bank of China, told The Globe and Mail that he believes the yuan - which is currently in circulation only in China and a handful of neighbouring countries under special agreements - will be a fully international currency within five to 10 years.

Read the whole article: http://www.theglobeandmail.com/report-o ... cle598685/



INVESTING | 1/21/2013 @ 12:27PM |1,726 views
In Some Trade, China Currency Replacing Dollar

The almighty dollar is still almighty, but it’s getting almighty-less. And part of that, at least in Asia, is due to the growth of the Chinese yuan in trade settlements.

As Beijing opens that currency up to the market, the yuan is fast becoming a trade currency between China and Australia, as well as Taiwan, Singapore and in use of offshore yuan deposits held in London. The yuan is coming into its own, slowly, and that will inevitably take some demand from the dollar in Asia.

Read the whole article: http://www.forbes.com/sites/kenrapoza/2 ... ng-dollar/
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