A very interesting article from the China Daily about the Yuan.
Five major cities in China are advised by the central government to use the yuan in overseas trade settlements which is seen as a one more step in China’s recent moves to expand the use of the yuan currency globally.
The move is aimed at reducing the risk of exchange rate fluctuations.
The trial is the latest move toward making the yuan an international currency and the prospect of a weaker US Dollar is making the transition more imprerative for China.
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