June 30, 2009

Hong Kong-China Trade Settlement in Yuan by July

Yesterday Chinese central banker Zhou Xiaochuan signed a Memorandum of Understanding with the Hong Kong Monetary Authority to allow trade settlement in renminbi - Yuan - by July between Hong Kong businesses and the Pearl River delta cities Shenzhen, Dongguan, Zhuhai, and Guangzhou and Shanghai, a move widely interpreted as a first step to internationalize China's currency....

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