Beijing Wants Its Currency Used by World's Banks

Ad Feedback

Some of the world's largest banks are encouraging businesses to use the currency of the People's Republic of China, the yuan - also called the Renminbi - in their trade deals with China.

The Financial Times has reported that foreign and American banks are holding road shows across Asia, Europe and the U.S. to promote the idea.

"This is an integral part of pushing the internationalisation of the renminbi," said Wang Tao, chief China economist at UBS. "In order to encourage foreign institutions to get involved in renminbi settlement, you need to give them somewhere to invest."

The move will help China's push to make the yuan a major world currency, like the dollar and the euro. It would also mark another step away for the dollar from its positions as the world's main currency.

The People's Bank of China, the central bank, said that it had launched a pilot project to allow more foreign access to its largely closed domestic interbank bond market to "encourage cross-border renminbi trade settlement" and "broaden investment channels for renminbi to flow back (to China)."

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

 CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.