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People's Daily Online>>China Business

Yuan expected to be int’l currency around 2020

(People's Daily Overseas Edition)

16:48, February 22, 2012

Edited and translated by People's Daily Online

Experts believe that the yuan will be fully eligible to be an international currency by around 2020.

Experts believe that China has made significant progress in internationalizing its currency in recent years, but still needs to foster financial market development, and further improve corresponding supervision and regulation systems.

Yuan is more popular worldwide

Holders of the yuan are becoming diversified as the currency is becoming increasingly popular worldwide in various ways. Tu Guangshao, vice mayor of Shanghai Municipality said that the growing international use of the yuan has brought about some encouraging changes.

The volume of cross-border trade settlement in yuan is growing at a faster pace than on July, 1, 2009 when the pilot program of cross-border trade settlement in yuan was launched. The size and scope of currency swaps between the central banks of China and other countries are increasing steadily. The volume of yuan bonds and deposits in Hong Kong’s offshore yuan market has increased rapidly. In addition, the Chinese government has launched preparatory work for the backflow of the yuan into domestic bond markets.

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Leave your comment2 comments

  1. Name

hobo at 2012-02-26122.107.51.*
when monetary decisions are publicly debated, i might believe that.
Hammad Sethi at 2012-02-2392.40.254.*
China should choose Istanbul as the main financial centre to internationalize the Yuan in the Euro region. Muslim world will prove to be a trustworthy long-term friend and partner of the Chinese world.

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