Friday, June 28, 2013


Internationalization of yuan will take 15 years:Experts

BEIJING, June 29 - It may take another 15 years before the yuan becomes a truly global currency as China needs to loosen restrictions on capital accounts and unify exchange rates for both on- and offshore markets, experts told the Lujiazui Forum yesterday.

"The internationalization of the yuan is a gradually developing and maturing process," said Li Lihui, chairman of the Bank of China. "We expect it to take 15 years for the yuan to become one of the world's major settlement and reserve currencies."

True globalization of the yuan will come after five stages - lifting the proportion of yuan trade-settlement in China's foreign trade, lifting the proportion of yuan payments in the global clearing system, expanding cross-border investment in yuan, becoming the reserve currency in Asia, and expanding the offshore yuan market.

Qin Xiao, chairman of Boyuan Foundation, a Hong Kong-registered think tank, agreed and said China needs to complete exchange rate reforms in three to five years.

Li Jiping, vice president of China Development Bank, said uncertain global economic conditions provide China with an ideal window to expand the use of yuan around the world.

He said China should encourage more domestic companies to invest in projects overseas in an effort to promote the role of yuan in international fundraising and investment.

(Source: Shanghai Daily)

Tags : , , ,



The idea behind the text.
Respect for the truth is almost the basis of all morality.
Nothing can come from nothing.

Popular Topics


Well, the way they make shows is, they make one show. That show's called a pilot. Then they show that show to the people who make shows, and on the strength of that one show they decide if they're going to make more shows.

Like you, I used to think the world was this great place where everybody lived by the same standards I did, then some kid with a nail showed me I was living in his world, a world where chaos rules not order, a world where righteousness is not rewarded. That's Cesar's world, and if you're not willing to play by his rules, then you're gonna have to pay the price.

You think water moves fast? You should see ice. It moves like it has a mind. Like it knows it killed the world once and got a taste for murder. After the avalanche, it took us a week to climb out. Now, I don't know exactly when we turned on each other, but I know that seven of us survived the slide... and only five made it out. Now we took an oath, that I'm breaking now. We said we'd say it was the snow that killed the other two, but it wasn't. Nature is lethal but it doesn't hold a candle to man.

You see? It's curious. Ted did figure it out - time travel. And when we get back, we gonna tell everyone. How it's possible, how it's done, what the dangers are. But then why fifty years in the future when the spacecraft encounters a black hole does the computer call it an 'unknown entry event'? Why don't they know? If they don't know, that means we never told anyone. And if we never told anyone it means we never made it back. Hence we die down here. Just as a matter of deductive logic.