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14.12.2010
Yuan comes to winning the world markets the dollar and euro
 	 Yuan comes to winning the world markets the dollar and euro

China's currency has entered the world markets and the huge and rapidly gaining interest from investors.

Daily volume of trades yuanevyh grew from zero to $ 400 million for a few months after the People's Bank of China (PBOC) had authorized the sale of RMB outside China, says The Wall Street Journal.

China would like to see the yuan became one of the leading currency of the world, possibly surpassing the dollar and euro as the world's reserve currency. Conclusion yuan on global markets, permission to buy and sell it for trade finance, investment, credit is a fundamental step in this direction.

On Monday, the NSC has increased the number of Chinese exporters, who are allowed to use renminbi in international operations: in July 2009, when he was running the program, the number of such companies was only 365, now it is close to 67.4 thousand

In this case, the yuan remains tightly controlled in China, it is much less susceptible to fluctuations than the dollar or the euro, despite trading in international markets. However, this does not prevent traders and bankers from New York, London, Tokyo and other financial centers, create new trading systems and platforms, as well as back office to work with the yuan.

Russia also has become involved in: MICEX start trading a pair of ruble-Yuan on 15 December.

"This is the beginning of a new era, a step towards full convertibility of the yuan, global change in the international financial system" - the head of the central bank's Hong Kong Norman Chan.

Yuan trades still represent a small fraction of the $ 4 trillion global foreign exchange trading, and the Chinese currency is much inferior to this indicator as the U.S. dollar, euro, yen, and many less popular currencies. But the growth of interest in the yuan at the moment are almost the maximum in the market.

Chinese companies have been placed on yuan accounts in Hong Kong, where authorized by this currency trading, the volume of which is expected to grow by the end of the year to 300 billion yuan ($ 45 billion) per day. Very rapidly increasing volumes of trades and individual investors, although they can not convert more than 20 thousand yuan per day.

Some experts predict that within a few years from 20% to 30% from $ 2.3 trillion of Chinese imports to be paid in yuan, not dollars, as is happening now. According to Standard Chartered, is currently in RMB is held less than 1% of import operations (in cash).

Yuan in the next few years to catch up with the yen and was ranked third in terms of trading after the dollar and euro, says head of research at Standard Chartered in the Americas by David Mann.

One of the important growth factors yuanevyh trades are transactions with emerging markets. According to analysts of HSBC, for 3-5 years, about half of China's foreign trade with emerging markets (approximately $ 2 trillion) will be transferred to yuanevuyu base.

 

 

 

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