“China is looking into how individuals and small businesses can settle trade using yuan this year, a People’s Bank of China official told Reuters on Monday, potentially opening a massive new conduit for Chinese currency to flow into global markets. At the same time, by allowing individual traders and companies, Beijing can help eliminate the risk of currency fluctuation for individuals and small enterprises in the import/export sector. Chinese individuals are only permitted to exchange the equivalent of $50,000 per year for use in overseas purchases or investments, but many companies have managed to get around these restrictions through trade.”
http://www.reuters.com/article/2013/05/06/china-yuan-tradesettlement-idUSL3N0DN0LO20130506
Related posts:
Follow-the-Data Fed May Play Follow-the-Markets to Avoid Shock
The concept of delusions gets a big — but unnoticed — overhaul
Supreme Court: Warrants Are Generally Needed to Collect Cellphone Location Data
Thailand's ruling junta approves China rail links worth $23bn
Bullion worth $200,000 stolen from home by thieves using wheelie bin
British prime minister: We’re not considering regime change in Syria
California Mileage Tax Would Charge Drivers Based on Distance Driven
NATO members could act against Syria without UN mandate
UN: Iraq violence could lead to civil war
'Where is the evidence my son was a terrorist?'
This Chart Explains Why Politicians Aren't Like The Rest of Us
African Bank rescue rekindles bailout fears
Security video shows Iowa cops beating mother in front of infant daughter
Paiute tribe opens 'Largest marijuana store on the planet' in Las Vegas
Moody's: More California cities at risk of bankruptcy