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RMB internationalization [Copy link] 中文

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Snowipine

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Post time 2013-12-4 10:08:15 |Display all floors
China's yuan has surpassed the euro to become the world's second-most widely used currency in global trade finance, according to data released by the Society for Worldwide Interbank Financial Telecommunication.

Analysts said the opening up of China's financial sector and the broader internationalization of the yuan has increased the use of the currency.

The yuan captured an 8.66 percent share of letters of credit and collections in October, while the euro's was 6.64 percent, Belgium-based financial-messaging platform SWIFT said in a statement.
The yuan's presence in global trade finance has grown significantly in the past two years.

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Post time 2013-12-4 14:37:15 |Display all floors
The challenge is to promote the RMB for genuine business trading and investments. Currency trading should be outlawed.

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Post time 2013-12-4 20:51:30 |Display all floors
Trans-national tourism will benefit from the RMB globalization

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Post time 2013-12-4 21:15:58 |Display all floors
According to statistics from the French side, the volume of annual trade between China and France has reached $50 billion, around 20 percent of which has been settled in the Chinese currency.

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Post time 2013-12-4 21:25:37 |Display all floors
French Finance Minister Pierre Moscovici said Paris holds a unique position in the internationalization of RMB and can play its special role in the process.

Paris has more RMB deposits than any other country in the EU, said Moscovici

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Post time 2013-12-4 21:33:34 |Display all floors
Some of the main criteria used by the IMF to assess the breadth and depth of currency usage are:

1. Currency composition of reserves (possible supplementary indicators: (I) number of countries holding a currency in reserves; and (II) other foreign currency holdings by monetary authorities)

2. Currency denomination of international banking liabilities

3. Volume of transactions in foreign exchange derivatives markets and over the counter derivatives trade

4. Currency denomination of international debt securities

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Post time 2013-12-4 21:50:14 |Display all floors
Singapore's central bank governor says the island state plans to widen its liquidity pool of the Chinese currency as part of extended efforts to turn itself into a major offshore yuan market.

Ravi Menon said the country is also developing hedging instruments as part of these efforts.

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