“Degenerating credit quality across the board has prompted asset managers to turn to the yuan, a currency that 10 years ago was completely off limits to foreign investors. An HSBC forecast projected that by 2015, the yuan will become one of the three most used currencies in global trade, in league with the dollar and euro. The report, issued in April, also foresees a third of China’s cross-border transactions being carried out in yuan. China has been making a concerted effort to establish itself as an international currency reserve. China already has agreements with Russia, Vietnam, Thailand, and Japan allowing trade to be settled in yuan instead of dollars.”
Year of the yuan: China’s explosive currency goes global
- Post author:The Freedom Watch Staff
- Post published:July 6, 2013
- Post category:Network Archives
Tags: Alternative News, Bankocracy, china, CLibertyC, constitutional liberty coalition, economic Trends, for life and liberty, investment, money, Resistance, sound money, The Freedom Watch
The Freedom Watch Staff
News before it is news for the resistance from a trusted correspondent.
The Freedom Watch Network