"Banks bought a net $1.3 billion worth of foreign exchange for clients in May, showing a major turnaround," Wang Yungui, head of policy and regulations at the State Administration of Foreign Exchange (SAFE), told a news conference in Beijing Wednesday
Read moreChinese officials have stated that Shanghai Free Trade Zone would start a trial program for qualified individual investors to invest abroad, and permit limited amounts of the yuan to be used for free conversion within the year
Read moreIn 2014, the yuan was used for over $1.6 trillion of international payments, according to information from the Chinese central bank that was published early this week, and has swap agreements with 14 countries. China is demonstrating a clear will for the yuan to become a reserve currency
Read morePartnership announced to support initiative that sees stronger ties with Chinese currency
Read moreStandard Chartered Bank has issued a bold statement saying that by the year 2020, roughly 5 1/2 years from now, 28% of China's cross-border trade will be settled in renminbi. They have issued a glowing graphic to illustrate their prediction (see below): To note, just today China’s yuan strengthened and rose beyond the central bank’s…
Read moreChina's central bank said on Wednesday that the Chinese currency will be traded directly against the British pound in the interbank foreign exchange market, in the latest step to facilitate investment and bilateral trade between China and Britain. This update comes as finally China Construction Bank was named the clearing bank in London for the…
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