Sunday, June 29, 2014

The Renmimbi

These are early days of the rise of the Chinese currency as a world reserve currency. However, there are nations who wish to secure the trading rights over it and so:
http://news.xinhuanet.com/english/china/2014-06/29/c_133447114.htm

Hong Kong used to the only place that you trade in Chinese currency. London and Singapore were subsequently given the power to do so.

If you trade with China and use the U.S. $ there is a cost for doing business this way. But if you can do it in Chinese currency, there is a not insignificant saving.









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