The Obama administration on Tuesday told Beijing it was watching the value of China’s currency closely, expressing concern over its recent drop and saying it remains “significantly undervalued.” Continue reading
Within the next few years, look for the yuan/renminbi to become one of the world’s ‘convertable currencies.’ There are only seven at the time being.
For the first time ever, the Chinese yuan is one of the world’s ten most frequently traded currencies, according to a Bank of International Settlements (BIS) survey.
The currency ranked ninth on the bank’s top-ten list, jumping eight places from the seventeen spot it held when the survey was last conducted three years ago. Continue reading