China considers yuan trade against Ruble, Won, Ringgit (2)

13:26, April 07, 2010      

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From last July, the government started allowing companies in Shanghai and four cities in southern Guangdong Province to use yuan in cross-border trade with Hong Kong, Macao and members of the Association of Southeast Asian Nations (Asean).

China's currency has been held at around 6.83 against the U.S. dollar since July 2008, after appreciating 21 percent in the previous three years. Twelve-month non-deliverable forwards advanced 0.2 percent to 6.6346 per dollar on Tuesday, reflecting bets the currency will climb 2.9 percent from the spot rate in the coming year.

China's dollar purchases to maintain the currency link with the greenback have driven its hard currency reserves to as high as $2.4 trillion dollars. And, the country has invested nearly $900 billion in U.S. Treasury debts, according to reports.

It will possibly take 15 to 20 years to make the yuan become an international currency, Dai Xianglong, chairman of the National Council for Social Security Fund and a former central bank governor, said earlier this month.

By People's Daily Online

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