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Tag Archives: Lu Zhengwei

Global Currency in Sight

Posted by aurelius77 on July 20, 2015

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The Chinese have put out billboard ads announcing the renminbi as the new world currency

 

China is promoting greater use of the yuan in global trade, investment and as a reserve currency

China’s currency, the yuan, ascended to a higher global status in 2014, with the value of cross-border payments by the currency accounting for 23.6 percent of total cross-border payments, according to a report on the globalization of the yuan released by the People’s Bank of China, the country’s central bank, on June 11.

Data from the Society for Worldwide Interbank Financial Telecommunication shows that the yuan became the second most used currency in trade finance—letters of credit and collections, the fifth most popular payment currency and the sixth most used foreign exchange currency in the world in December 2014. Continue reading →

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Comments Off on Global Currency in Sight Posted in Axis Powers, Business & Economics, China, Currencies, Economic Warfare, Great Britain, Japan, National Security & Terrorism, Politics, USA Tagged billboard ads, British Pound, Business & Economics, capital account, China, Christine Lagarde, curencies, currency swap agreements, dominant status, economic warfare, Euro, FDI, foreign direct investment, GBP, Global Currency in Sight, global trade, IMF, Industrial Bank Co. Ltd., International Monetary Fund, Japan, Lu Zhengwei, National Security & Terrorism, offshore yuan hubs, People's Bank of China, politics, renminbi, reserve currency, SDR, Society for Worldwide Interbank Financial Telecommunication, Special Drawing Rights, trade finance, U.S. Dollar, United States, world reserve currency, Yen, Yuan, yuan clearing banks

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