China Ratchets Up Pressure on the Dollar
source: http://www.businessweek.com/globalbiz/content/jul2009/gb2009076_313429.htm
China has been supporting rhetoric with action ahead of this week's G8 summit in Italy, as it aims to promote the use of its currency in international trade and finance, and reduce its reliance on a volatile US dollar.
Last week, China said it would let its importers and exporters use the renminbi to settle cross-border trade. Until now, companies have had to convert renminbi into dollars or other currencies to settle international transactions
Last week, China said it would let its importers and exporters use the renminbi to settle cross-border trade. Until now, companies have had to convert renminbi into dollars or other currencies to settle international transactions
