[Ed. note: Is China getting closer to a gold backed RMB? You decide.]
from The BRICS Post:
More than 50 per cent of the respondents of a recent poll said the volume of cross-border Renminbi (RMB) trade would account for 20-30 per cent of all cross border trade in the next five years.
This was according to a white paper released by the Bank of China on its cross-border RMB business released on Friday.
China liberalised the currency in 2009.
According to Standard Chartered Bank data, almost 14 per cent of China’s current trade is settled in RMB, up from a mere three per cent in 2010.
Cross-border RMB settlement in the Bank of China amounted to 1.6 trillion yuan during the first half of this year.
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