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The international transactions in China's currency last year amounted to U.S. $ 58,700 million, exceeding the record 13 times in 2009. CIUDAD DE BUENOS AIRES
(Urgente24). The yuan-border trade payments between Chinese and foreign companies experienced a rapid rise in 2010, revealed yesterday (1 / 04) the State Administration of Foreign Exchange (SAFE) of China.
According to the regulator, the international transactions in the currency of the country last year amounted to U.S. $ 58,700 million, exceeding the record 13 times in 2009.
The fact that more and more companies choose to pay and get paid in yuan or renminbi is due to China's ongoing efforts to further internationalize its currency, said the EDA.
In its report of international payments, 2010, the institution points out that in June Last year, the Government decided to expand the evidence-border commercial payments in renminbi of 4 local cities of Shanghai and Guangdong to a total of 20 provincial regions. Outside
country, China approved the payments in renminbi business with all countries and regions, instead of only the regions of Hong Kong and Macao and ASEAN nations, which until then had made transactions yuan experimentally.
The Association of Southeast Asian Nations - ASEAN (English: Association of Southeast Asian Nations - ASEAN) is a regional organization of Southeast Asian states created on August 8, 1967. Its main objectives are to accelerate economic growth and promote regional peace and stability. ASEAN has established a joint forum with Japan, and maintains a cooperative agreement with the European Union (EU). Its permanent secretariat is in Jakarta.
The shape Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Burma and Cambodia.
The extended pilot scheme also allowed 67,724 Chinese companies pay export-oriented commercial transactions in renminbi, far exceeding the 365 companies that had the opportunity to operate in this manner in 2009.
border trade payments in RMB mainland China with Asian countries and regions amounted to U.S. $ 53,400 million last year, equivalent to 91% of the total amount of the country in that year.
The yuan as a reference currency
worth remembering that as he wanted France won the support of G-20, so that the yuan is new currency. Thus, the Chinese yuan will have a special place in the monetary system and between the reference currency basket of currencies comprising the International Monetary Fund (IMF) and serves to calculate the SDR.
From this, the yuan will have much more attention from the markets, more than to be dispensed and China means reflects the importance it has today in the global economy. While
as made clear, this new member in the reference basket of currencies does not indicate that the dollar lost ground to its replacement as a reference point in the global economy along with oil something that will continue to reign for several more decades.
So the G-20, recognizes the yuan giving way to integrate the basket of currencies of Special Drawing Rights (SDRs), and adding to the dollar, the euro, sterling and yen. This will establish a timetable to include the yuan, it will not be immediate.
worth remembering that the yuan is the currency of the People's Republic of China. The meaning of his name is "people's currency", its issuance is in charge of the Chinese People's Bank.
For fractionation, the yuan (¥) is split in the form of ten jiao or mao "tickets" and in turn each jiao is divided into ten fen "cents." In order to prevent the yuan fluctuate depending on the financial market, so that the yuan is tied to a basket of international currencies.
addition, the renminbi currency from the people "is the official name of the currency in China. But in markets and countries known as the yuan. Because base currency, the value "1" is called the yuan, not renminbi.
China has been gaining the respect of markets, as has been escalating in different areas. For USA, China already is important considering that the Chinese government keeps down the value of the renminbi against the U.S. dollar as a strategy for their exports.
But one factor that the U.S. should not forget is that most U.S. treasury bonds held by the Chinese, so that if a rise in the renminbi would lead to result in the Chinese capital repatriation shaking the financial system in USA.
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