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China encourages to use yuan as reserve currency instead of dollar

China to allow all trades to settle in yuan, encourages use as reserve currency    


China aims to allow all exporters and importers to settle cross-border trades in the yuan by 2011, according to the Chinese central bank, reported Reuters.   Moreover, China will “respond to overseas demand for the yuan to be used as a reserve currency” and allow the yuan to flow back into China more easily.  This is all part of China’s plan for the internationalization of its currency, which may, in the decades to come, threaten the global ‘market share’ of other currencies like the US dollar.  Previously, China also announced that bilateral trades with Russia and Malaysia will begin to be conducted with the yuan and the ruble and ringgit, respectively.

From: http://www.ibtimes.com/articles/117991/20110302/china-yuan-trade-reserve-currency.htm
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