Renminbi realignment
The Hong Kong Monetary Authority is staking its claim to become the de facto offshore settlement centre for renminbi amid expectations the Chinese currency will one day usurp the greenback as the dominant medium of exchange in the region. But there are many hurdles along the way. Georgina Lee reports
China’s gross domestic product (GDP) grew by 8.7% last year at a time when many major economies struggled to grow at all. During 2009, total exports hit $1.2 trillion, meaning the country overtook Germany to become the world’s largest exporter. And China now has a total trade surplus at $196.1 billion.
China’s influence in Asian intra-regional trade is growing fast and its role may become greater still following the signing of a deal with the 10-nation Association of Southeast Asian Nations
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