Renminbi replacing US dollar for trade as a new currency

john-coverdale-hsbc-2009

The Chinese renminbi is on the brink of taking on an increased role in the Asia-Pacific region, probably over time replacing the use of traditionally dominant currencies such as the US dollar and the euro for certain transactions.

The currency has recently emerged, thanks to Chinese government policy changes, as a means by which Asian corporates can settle trades with their Chinese counterparts. This increased intra-Asian trading volume will lead Beijing to also consider allowing other trade-rel

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