CHINA MORE UNDER MARKET.. The yuan has exceeded the euro becoming the second most widely used currency in the global financial trading. He informed the Society for Worldwide Interbank Financial Telecommunication, better known by its acronym, SWIFT. Overtaking arrived in October last year, when the Chinese currency has totaled a share of 8, 66% of letters of credit and collections, as against 6.64% of the euro. The global financial trading in yuan has accelerated sharply over the last 24 months: in January 2012 covering a market share of only 1 equivalent, 89% globally. China has accounted for 59% of transactions, while the second place in the world is Hong Kong, with 21%. Singapore accounts for 12% of transactions, while Germany and Australia for 2% each. According to data from Deutsche Bank, in the first nine months of 2013, 17% of global trade was denominated in Chinese yuan, compared with only 1% in 2009. The rise of the yuan in global transactions is due to a gradual easing of Chinese monetary policy and the gradual internationalization of the Chinese currency: in October last year, Beijing had signed a currency swap agreement with Brussels for a value of 350 billion yuan, about 45 billion euro. In November, the deputy governor of the Central Bank of China, Yi Gang, had declared that China is no longer interested in his coffers to accumulate foreign exchange reserves of foreign currency, now stands at 3660 billion dollars. MBB
Posted on: Tue, 03 Dec 2013 12:41:42 +0000
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