Latest News:  
Beijing   Overcast/Sunny    7 / -2   City Forecast

People's Daily Online>>China Business

Yuan expected to be int’l currency around 2020 (3)

(People's Daily Overseas Edition)

16:50, February 22, 2012

Yuan qualified to be international currency by 2020

Experts said that internationalization of the yuan is of great significance. Pan Yingli, professor of Antai College of Economics and Management, Shanghai Jiao Tong University, said that China might well become the world’s largest economy around 2020, and that the yuan is absolutely qualified to be an international currency to prevent exchange rate risks during globalization.

Pan also said transactions of overseas products and assets are made in yuan is an important symbol of internationalization of the yuan. An important prerequisite of internationalization of the yuan is to nurture and fortify presence of overseas businesses, that is, Chinese enterprises and financial institutions must gain dominance gradually in the international economic and financial transactions.

Chen Xuebin, professor and executive vice president of the Institute of Finance, Fudan University, said that internationalization of the yuan entails cultivation of the corresponding financial market, improvement of the regulatory and control systems, and transformation of capital flow channels, exchange rate formation mechanism, and economic growth mode. It is necessary for the yuan to maintain a trend of small appreciation in the early period of internationalization. Chen recommended that the yuan should disconnect itself from U.S. dollar, and cling to a basket of currencies in order to form a slight-fluctuation exchange rate mechanism.

【1】 【2】 【3】


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Xi lays wreath at mausoleum of Mustafa Kemal Ataturk

  2. Heavy snowfall hits southern Kazakhstan

  3. "The Wind of Asia " wedding fashion show held in Tokyo

  4. Melbourne hosts International Pancake Day celebration

Most Popular


  1. Finding out truth crucial to resolving Syrian crisis
  2. Deposit reserve ratio cut does not mean policy shift
  3. Is West genuinely trying to 'save' Syria?
  4. China's Linsanity
  5. Ancient technology education program launched
  6. Banks' reserve ratio cut aims to spur growth
  7. China, India should treat competition rationally
  8. China takes responsible attitude towards Syrian
  9. Admire Jeremy Lin for his skills, not the way he looks
  10. VP Xi's U.S. tour hailed as future-oriented landmark

What's happening in China

Heavy fog shrouds Beijing

  1. Provinces to end 'iron bowl' jobs
  2. Apple moves to defend rights on iconic iPad
  3. Bear bile maker opens farm to reporters
  4. Beijing plans campus police system
  5. 134 arrested for producing and selling "gutter oil"

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai