China aims to settle nationwide trade in yuan by 2011
BEIJING, March 2 |
BEIJING, March 2 (Reuters) - China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role.
In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily. (Reporting by Zhou Xin and Koh Gui Qing; Editing by Ben Blanchard)
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Comments (4)
ComysRDumOrEvil wrote:
Slight tangent, but in the context of exchange, international relations and influence, this is the same nation that made “foreign words and languages in media” illegal last December (look it up. they’re ‘encouraged’ not to use LETTERS when talking about “NBA” basketball, or “CPUs” in computers or stuff like that. They must “translate”). Impossible to enforce of course, but some poor people are going to get their money and time stolen. It’s also it’s a direct message to all Chinese citizens “being bilingual/bicultural is not an option for you (now speak the language that we know how to censor!)”
China you need teachers so badly…
lupionover wrote:
Good China will now trade its currency on the open free market.
Bevus wrote:
What a trap for the world economy! The Chinese will then control everyone and everything. If they wake up one day and devalue or revalue, or lie about performance, or whatever whim they get, the world will collapse! all economies! WHO TRUSTS THEM?
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