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Yuan

This tag is associated with 7 posts

Trump’s trade war has led to a historically weak Chinese currency


Global currencies have been pushed front-and-center as trade tensions between the US and China have escalated. Of particular interest to many watchers is the relative strength of the dollar versus the Chinese yuan, which sits at multiyear lows. On Friday, the yuan posted its largest monthly loss in 25 years after sliding 3.8% versus the … Continue reading

The one thing holding back China’s yuan


While China may be the world’s second largest economy, the future of the yuan playing a bigger role in international markets is clouded by politics. Earlier this fall, the IMF postponed a scheduled update of the designated basket of reserve currencies, a basket that is used by member countries for Special Drawing Rights (SDR). Though … Continue reading

The astounding rise of China’s currency


I sometimes wonder how the Communist revolutionary leader Mao Zedong, who warned against taking “the capitalist road,” would feel about his face on all those Chinese bills being traded around the world these days. As of this week, the renminbi is being traded in a major way in Canada as well, after Finance Minister Joe Oliver opened North America’s first Chinese … Continue reading

China’s free trade zone plans herald quicker FX reforms


China plans to roll out financial sector reforms in the Shanghai special economic zone in the next three months and most will be implemented in a year, suggesting authorities are accelerating the pace of dismantling capital account controls. A People’s Bank of China (PBOC) statement on Wednesday for the first time gave a timeline for … Continue reading

China’s ambition to become global currency has a long way to go


In Reuter’s report titled China’s yuan hits headwinds in bid to be global currency, it says, “China’s campaign to get the world using its currency, the yuan, is hitting headwinds in corporate boardrooms, raising doubts as to whether it will ever challenge the dominance of the U.S. dollar in global trade and finance.” China certainly has … Continue reading

Sydney vies to be latest offshore yuan market


SCMP’s George Chen says on June 28, “Australia‘s main financial centre is in talks to follow London and Singapore, and Beijing and Hong Kong are said to be receptive to the idea”. An unidentified source says, “Beijing has made clear to Australian officials that although London has launched the first offshore yuan market outside Hong … Continue reading

Timeline: China’s reforms of yuan exchange rate


China took another step on Saturday towards turning the yuan into a global currency by doubling the size of its trading band against the dollar to 1 percent. By peeling back trading restrictions on the yuan, Beijing is working toward its goal of having a currency that trades relatively freely, or is basically convertible, by … Continue reading

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