China, Germany plan to settle more trade in yuan, euros

BEIJING Thu Aug 30, 2012 1:23am EDT

BEIJING Aug 30 (Reuters) - Germany and China plan to conduct an increasing amount of their trade in euros and yuan, the two nations said in a joint statement after talks between Chancellor Angela Merkel and Chinese Premier Wen Jiabao in Beijing on Thursday.

"Both sides intend to support financial institutions and companies of both countries in the use of the renminbi and euro in bilateral trade and investments," said the text of the statement.

It also said that both parties welcomed investments in China's interbank bond market by German banks and supported the settlement of business in the yuan by German and Chinese banks and the issuance of yuan-denominated financial products in Germany.

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Comments (3)
SirWilliam wrote:
The dollar’s days are numbered. We’re going to have hyperinflation in the US when the world dumps the dollar as the world’s reserve currency.

Sep 03, 2012 1:06pm EDT  --  Report as abuse
SanPa wrote:
Merkel hit three objectives in the deal: a) future strengthening of the Euro as a respected Reserve Currency, b) beneficial trading opportunities in Asia, and c) payback for the humiliation of a Texas neck massage on live television and earlier arrogant deprecation of Germany as part of an Old Europe.

Sep 04, 2012 9:11pm EDT  --  Report as abuse
SanPa wrote:
Merkel hit three objectives in the deal: a) future strengthening of the Euro as a respected Reserve Currency, b) beneficial trading opportunities in Asia, and c) payback for the humiliation of a Texas neck massage on live television and earlier arrogant deprecation of Germany as part of an Old Europe.

Sep 04, 2012 9:11pm EDT  --  Report as abuse
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