China's Renmimbi has become world's second most used currency in trade finance

Monday, November 2nd 2015 - 09:18 UTC

Full article 5 comments

As China establishes itself as the world’s second largest economy and top trading nation, its currency, the renminbi (RMB), is also gaining popularity around the world. According to the People’s Bank of China’s 2015 Renminbi Internationalization Report, the RMB was the world’s 5th most used payment currency, the 2nd most used trade finance currency, and the 6th most traded currency in 2014. Read full article

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ChrisR
“Although the RMB is not fully convertible in capital account transactions”

So apart from actually trading with the Chin and buying their crap WTF is the use of it: ABSOLUTELY NOTHING!
Nov 02nd, 2015 - 06:39 pm - Link - Report abuse 0
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Briton
the renminbi (RMB), is also gaining popularity around the world.

Quick Argentina jump on board.
chuckle.
Nov 02nd, 2015 - 09:05 pm - Link - Report abuse 0
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Vestige
pff yeah, who really wants to grow economic links with “the Chin” anyway.

its not like Xi Jinping and David Cameron met to talk about expanding cooperation recently or anything.
Nov 03rd, 2015 - 12:43 am - Link - Report abuse 0
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The Voice
Meanwhile the City of London gets a piece of every RMB transaction. Yippee!
Nov 03rd, 2015 - 09:26 am - Link - Report abuse 0
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lsolde
The Yuan is accepted throughout S.E.Asia at banks & is considered to be a hard currency.
Cambodia, which has its own weak currency trades a lot internally with Thai Baht & US Dollars has just announced that people will soon be able to spend Chinese Yuan within the country.
What a nightmare for shops & stores etc!
Four separate currencies existing side by side!
How would you keep up with the exchange rates?
Nov 04th, 2015 - 10:11 pm - Link - Report abuse 0
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