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IPFS News Link • China

China Is About To Take A HUGE Step Toward Internationalizing Its Currency

•, Mamta Badkar
 Last year, Chinese officials reportedly told EU members that the renminbi would be fully convertible by 2015. And recently, Chinese central bank governor Zhou Xiaochan said China is not too far away from its goal of yuan convertibility.

With Hong Kong already trading offshore yuan, and London hoping to take over that mantle in the coming years, China may just have taken another step toward making its currency convertible.

The China Development Bank initiative

China now plans to offer renminbi loans to other BRICS nations Brazil, Russia, India and South Africa, the Financial Times reported. The China Development Bank (CDBs) will reportedly sign a memorandum of understanding (MoU) in New Delhi with its BRICS counterparts on March 29. The five dominant emerging economies are signing the initiative in an effort to boost trade and promote the use of the renminbi for international trade over the dollar.

3 Comments in Response to

Comment by Anonymous75
Entered on:

Maybe this is why: Maybe it is because the token "Silver Circle" will replace the Green Buck as U.S. Legal Tender, when by accident, Ron Paul will become the next President of the United States. Behind the scene, maybe China is urging Americans to Vote NOT Ron Paul 2012! Bad to the Renminbi.

Comment by Anonymous75
Entered on:

May this is why: A candidate from the "lunatic fringe" might become the next President of the United States!

Comment by Ben Dover
Entered on:

Maybe this is why:


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