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China Said to Consider Yuan Trading Versus Ruble, Won [Copy link] 中文

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Post time 2010-4-7 14:17:28 |Display all floors
China is considering allowing the yuan to trade against the Russian ruble, South Korean won and Malaysian ringgit to promote its use in cross-border trade, an official at the China Foreign Exchange Trade System said.

The People’s Bank of China is investigating the possibility of offering new currency pairs, said an official at the Shanghai-based interbank exchange, a subsidiary of the central bank. He asked not to be identified as authorities have yet to make a final decision. Traders now can buy or sell the yuan against the dollar, the euro, the yen, the Hong Kong dollar and the British pound.

“That would be a further step towards making the yuan an international currency,” said Liu Dongliang, a Shenzhen-based foreign-exchange analyst at China Merchants Bank Co., the country’s fifth-largest lender by market value. “The move would help foreign companies buy or sell the yuan at lower costs.”

China is seeking greater use of its currency to reduce reliance on the U.S. dollar after Premier Wen Jiabao said last month he is “worried” about holdings of assets denominated in the greenback. From July, the government started allowing companies in Shanghai and four cities in the southern province of Guangdong to use yuan in cross-border trade with Hong Kong, Macau and members of the Association of Southeast Asian Nations.

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Post time 2010-4-7 20:38:15 |Display all floors
Clearly, the journalist knows nothing. China isn't reliant on the dollar because of RMB convertibility limitations, it is reliant on the dollar because it is reliant on the US consumer sector.
"Justice prevails... evil justice."

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Post time 2010-4-7 23:01:35 |Display all floors

I also know nothing.

i am a medical student, i don't understand what you said.

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Post time 2010-4-7 23:25:23 |Display all floors
Originally posted by hongtaiyang1 at 2010-4-7 23:01
i am a medical student, i don't understand what you said.
.

Yeah right!
Medic students are pretty thick!
Most are bookworms and druggies.

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Post time 2010-4-7 23:43:03 |Display all floors
Originally posted by interesting at 2010-4-7 20:38
Clearly, the journalist knows nothing. China isn't reliant on the dollar because of RMB convertibility limitations, it is reliant on the dollar because it is reliant on the US consumer sector.
.

And clearly you know nothing either dumbo!

If the Dollar was 'good' and 'honest', no one would want to replace it as the International Reserve Currency.
The fact of matter is, the Dollar is worth only 10 cents in the pocket.
In two years' time, when your 2 trillion debt becomes 5 trillions, it'll be worth no more than your arse wiping paper.

Yes, China's trading partners will welcome the Yuan to the worthless USD!

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Post time 2010-4-7 23:46:04 |Display all floors
Originally posted by ThankoPan at 2010-4-7 23:43
.

And clearly you know nothing either dumbo!

If the Dollar was 'good' and 'honest', no one would want to replace it as the International Reserve Currency.
The fact of matter is, the Dollar i ...



The Yuan as leading currency? Will never happen. First the dollar,then Euro,next Yen, even British pound or Swiss Franken are possible...but not the Chinese Yuan.A lack in trust,you know.

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Post time 2010-4-8 00:14:49 |Display all floors

Chuckle, chuckle, chuckle.....

Originally posted by hongtaiyang1 at 2010-4-7 23:01
i am a medical student, i don't understand what you said.


Very funny!

Don't take him too seriously. He once said that pictures from the Iraqi war will not influence what people think about it (the war).

(He has been very quiet lately in reference to the recent video showing how US soldiers in a helicopter murdered innocent Iraqi civilians and laughed and joked about it. It has aroused anger all over the world, including in America.)

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