China just inked an agreement with Los Angeles to establish its first yuan clearinghouse bank on U.S. soil. The yuan is China’s currency (with a distinctive red back). The bank will facilitate trade in yuan over U.S. dollars. The Chinese completed just 1% of trade in yuan in 2009. In the first nine months of 2014, that number has jumped to 15%. Waning demand for U.S. dollars worldwide will mean higher prices for Americans over time. We’ll show you how to hedge against this as it happens. (Read the full story here: reuters/article/2014/11/22/us-china-los-angeles-yuan-idUSKCN0J605B20141122)
Posted on: Thu, 04 Dec 2014 14:09:46 +0000
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