Beijing's rumblings about replacing the greenback with the yuan (also known as the renminbi) as the world's reserve currency are getting louder.
The artificially depressed yuan may make Chinese goods cheap to foreigners, but it also makes foreign goods expensive to folks paid in yuan.
Feng Lei ChinaFotoPress GAMMA But Beijing's leaders may also see China's own currency, the yuan (also known as the renminbi), as a possible alternative to the dollar.
A Strong Yuan Hurts China in More Ways Than One Little noticed during last weekend’s milestone summit between Barack Obama and Xi Jinping was another landmark event: China’s currency hit a record high, reaching almost 6 yuan to the dollar.
June 10, 2013 - Bloomberg
China Will Offer 23 Billion Yuan of Bonds in Hong Kong This Year China will offer 23 billion yuan ($3.8 billion) of sovereign bonds for sale in Hong Kong this year, a move that the city said will boost yuan-denominated fixed income products for investors including pension funds.
June 9, 2013 - Bloomberg
Peer Steinbrueck in Reuters Gulf Arabs are planning -- along with China, Russia, Japan and France -- to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for... Robert Fisk http://www.google.com/url?q=http://en.wikipedia.org/wiki/Robert_Fisk&source=dictionary&usg=AFQjCNG_qy15A7CIWjkAcjDODcf6ZF9lKQ Daily News & Analysis http://www.google.com/url?q=http://www.dnaindia.com/money/report_will-oil-lose-its-dollar-peg-not-so-fast_1295764&source=dictionary&usg=AFQjCNF7hWc6y2Y-Yb80CaXTJjHvHGNHBQ Oct 6, 2009
111981 146870 yuan It does not mean that the dollar will lose its function as a reserve currency, but it will be supplemented by the yen, the euro, which is already the second biggest reserve currency, and also by the yuan," Steinbrueck said. "Over the next 10...
Nicolas Sarkozy in Forbes We need to arrive at currency rates that are harmonious and fair and that will benefit the global economy. This means that, for its own sake as well, China needs to accelerate the appreciation of the yuan against the euro,Sarkozy said.