“A ‘renminbi bloc’ has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China’s successful bid to internationalize its currency, a research report has said. Seven out of 10 economies in the region — including South Korea, Indonesia, Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar. Only three economies in the group — Hong Kong, Vietnam, and Mongolia — still have currencies following the dollar more closely than the renminbi, said the report, posted on the institute’s website.”
http://www.chinadaily.com.cn/china/2012-10/24/content_15840495.htm
Related posts:
Key role of Yahoo, Microsoft and Google in NSA data collection revealed
U.S. swaps watchdog considering bitcoin regulation
All-seeing eyes focus on the sea
Even Ivy Leaguers default on student loans
Neiman Marcus Credit Cards Hacked
G8 to clamp down on tax avoidance
Corporate America's buyback binge feeds investors, starves innovation
Dozens Of TSA Employees Fired, Suspended For Illegal Gambling Ring
CIA Was Involved In U.S. Spying On Germany
Black Market Dollar Exchange Sparks Argentina Luxury Sales Crackdown
British terror suspects quietly stripped of citizenship… then killed by drones
UK 'Google tax' will target inter-company payments
Trump Administration Suspends Expedited H-1B Visa Approvals
The Spoils of the Iraq War - 2003
California death penalty ruled unconstitutional