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  • China Yuan Inches Closer To Global Currency

    by
    Scarlos Santana
    Published on 04-23-2012 02:04 AM
    2 Comments Comments




    China’s yuan is just two years away from becoming a global trade currency.


    A system to settle cross-border yuan transactions and boost the convertibility of the currency is being set up in Beijing and will be rolled out by 2014, Central Bank officials noted yesterday. Once set up, it would allow countries to settle payments in Chinese goods in yuans instead of dollars. Over the long term, the use of the yuan, particularly in Asian trade, would take some demand away from the dollar which currently enjoys the status of both the world’s reserve and trade currency.


    Currently cross-border yuan clearance is conducted through the Hong Kong and Macao branches of the Bank of China, or agency banks of overseas participants. Actual demand for cross-border yuan settlement is increasing in Asia, but transaction costs in the current payment system are higher than the dollar.


    “The new system will link domestic and overseas participants directly, and support different languages including Chinese and English. What’s more, the working hours will be extended to 17 or 18 from the current eight to nine hours to cover yuan settlement demand from different time zones,” said Li Yue, director of the payment and settlement department at the People’s Bank of China in a China Daily report on Thursday.


    Li said that the system will adopt global standards, and probably use the international messaging service, the Society for Worldwide Interbank Financial Telecommunication, commonly known as SWIFT.


    International trade settled in yuan currently exceeds 2 trillion yuan ($317 billion) and foreign direct investment settled in yuan reached 110 billion yuan last year, according to the Central Bank.


    For the World Bank, China’s growing role in global trade, the size of its economy and its role as the one of the world’s largest lenders, mean that the yuan’s internationalization is “inevitable”. Acceptance of the Chinese currency as a major global reserve currency, however, will depend on the pace and success of financial sector reforms and the opening of China’s external capital accounts, the World Bank said.


    Source: Forbes
    This article was originally published in forum thread: China Yuan Inches Closer To Global Currency started by ScarlosSantana View original post
    Categories:
    1. World
    2. Business
    Comments 2 Comments
    1. GILBY's Avatar
      What’s more, the working hours will be extended to 17 or 18 from the current eight to nine hours to cover yuan settlement demand from different time zones,”
      I wonder if this is in reference to America?
    1. GILBY's Avatar
      this is what needs to be done to keep at the helm. pretty fucking simple.


      The Fix

      There recently was an article in the St. Petersburg , Fl. Times. The Business Section asked readers for ideas on: "How Would You Fix the Economy?" I think this guy nailed it!

      Dear Mr. President,

      Please find below my suggestion for fixing America 's economy. Instead of giving billions of dollars to companies that will squander the money on lavish parties and unearned bonuses, use the following plan.

      You can call it the "Patriotic Retirement Plan":

      There are about 40 million people over 50 in the work force. Pay them $1 or $2 million apiece severance for early retirement with the following stipulations:

      1) They MUST retire. Forty million job openings - Unemployment fixed.

      2) They MUST buy a new AMERICAN Car. Forty million cars ordered - Auto Industry fixed.

      3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed.

      It can't get any easier than that!!

      P.S. If more money is needed, have all members in Congress pay their taxes..

      Mr. President, while you're at it, make Congress retire on Social Security and Medicare. I'll bet both programs would be fixed pronto!
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