Chinese yuan, ever-more a global currency
Updated: 2014-05-17 06:48
By Gao Changxin in Shanghai (China Daily)
|
|||||||||||
One of Deutsche Bank's latest clients in the zone is Austria's Lenzing Group, a textile fibers maker. The bank has helped the company move funds between accounts inside and outside China.
|
|
Top 10 most-used currencies in the world |
"Surely but slowly global use of the yuan will rise as China gradually makes the currency fully convertible in both trade and investment," Lee said. "That spells huge opportunities for global banks like us."
Lee said the yuan's recent weakening against the dollar won't harm global enthusiasm about holding yuan. That's counter to some analysts' belief that many will stop yuan transactions as depreciation limits investment returns.
"Corporations have real demands to use the yuan as one of their payment currencies," Lee said. "The demand, supported by China's steady economic growth, far outweighs the exit of some speculators."
The yuan has gained about 20 percent against the dollar since 2005, providing an effectively guaranteed return that attracts investors. It weakened significantly this year amid wider fluctuations.
Data from the Society for Worldwide Interbank Financial Telecommunication show yuan payments remain strong.
According to the agency, the yuan ranked seventh in global payment currencies in March, rising to record activity share of 1.62 percent, compared with the US dollar's 40.19 percent.
Related Stories
Cross-border use of yuan gains popularity 2014-05-15 10:53
China, US pledge to further deepen economic ties 2014-05-14 10:00
Yuan fall 'dictated by market' 2014-05-14 00:47
New yuan-denominated loans dip in April 2014-05-13 07:25
Yuan stays in reasonable level 2014-05-12 18:13
Today's Top News
UN chief saddened by Turkey's mine tragedy
Hanoi blamed for anti-China riots
Hypnotherapist offers stress relief
Therapy dogs help autistic children
China-Russia gas deal to be inked
2 Chinese killed in Vietnam riots
Report adds steam to Abe's ambitions
China: US must be objective about Asia tensions
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Variety is the spice of academic life |
Documents prove the truth can't be buried |
Race to remember story of resistance |
Strait talking: From enemy to friend |
Welcome to the world’s largest garbage dump |
The latest word on books: Keep those pages coming |