Posts Tagged ‘RMB’
- Hong Kong’s RMB market a forerunner for convertibility
China, Foreign Exchange - Monday, February 1, 2010 21:49 - 0 Comments
The road for the Renminbi: Asiamoney
Asiamoney, February 2010
The year is 2030 and the renminbi is one of the world’s major reserve currencies. Since becoming fully convertible it has been embraced by central banks the world over and is now on track to rival the dollar as the reserve of choice, reflecting the fact that China’s economy is now approaching the size of the USA’s.
It seems a very distant prospect given that the renminbi is not even convertible today. But as the currency does become more international – and every trend of the last five years suggests it will continue to do so – it is almost inevitable that its use by world investors, institutions and central banks will increase dramatically once they have the chance. Continue…
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