Skip to content

We ask you, humbly: don't scroll away.

Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you.

Help Now >

The buck does stop here: Chinese currency set to close the gap between it and the dollar

Free World Class Education
FREE Catholic Classes
Yuan to be among top used currencies by 2019

China's currency, the renminbi (RMB), is looking to become the third-largest international currency behind the U.S.'s dollar and the euro by 2019 said the Renmin University of China in a report published on July 20.

Light your Free Virtual Prayer Candle for a departed loved one

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (https://www.catholic.org)
7/22/2014 (8 years ago)

Published in Business & Economics

Keywords: Finance, Economics

LOS ANGELES, CA (Catholic Online) - Last year, the RMB cross-border trade settlement amounted to 4.63 billion yuan-roughly $746 billion-up 57.5% from 2012. The Chinese currency accounted for 2.5% of all worldwide cross-border trade settlements.

Share God's light, end world hunger with "prayer and action."

By the end of 2013's fourth quarter, direct investment in the RMB amounted to about 433 billion yuan, 1.9 times the same period in 2012.

Currently, the RMB is the fifth-most widely used international currency, behind the British pound in third, and the Japanese yen at fourth.

The offshore yuan market has seen rapid development in recent years, and this year the People's Bank of China signed a memorandum of understanding regarding the yuan clearing and settlement arrangements with central banks in the UK, Germany, Luxembourg, France and South Korea.

Despite the rapid expansion the RMB has seen, massive internationalization will still see many challenges, including the technical issue of having the currency used internationally.

"To resolve the problem, China has to build a safe, efficient and low-cost offshore RMB clearing system as soon as possible," said Chen Yulu, the president of Renmin University and member of the central bank's monetary policy committee.

"In addition, the regulators must create a legal framework for the offshore RMB market and make sound regulations to stop money laundering and tax evasion via offshore yuan transactions."

Part of this increase is due to the growth of Chinese economic power, and an increasing number of countries have become willing to accept the RMB as a reserve currency. At the end of 2013, the People's Bank of China had signed currency trade agreements involving 2.57 trillion yuan with 23 countries and regions.

---


'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'


Copyright 2021 - Distributed by Catholic Online

Deacon Keith Fournier Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you. Help Now >

Join the Movement
When you sign up below, you don't just join an email list - you're joining an entire movement for Free world class Catholic education.

Saint of the Day logo
Daily Readings logo
Prayer of the Day logo
50% off Ground Beef and Roasts

Catholic Online Logo

Copyright 2022 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2022 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.

Catholic Online is a Project of Your Catholic Voice Foundation, a Not-for-Profit Corporation. Your Catholic Voice Foundation has been granted a recognition of tax exemption under Section 501(c)(3) of the Internal Revenue Code. Federal Tax Identification Number: 81-0596847. Your gift is tax-deductible as allowed by law.

Subscribe to Our Newsletter!