Dollar is out—Yuan for the transactions between China and Singapore
It is reported that it is agreed to do the transactions between
China and Singapore using their own currencies. Singapore being a South
East Asian country is able to do international transactions using the currency
Yuan. According to the agreement, the Chinese investors can purchase trust
receipts in Singapore in Renmibi. Renmibi is the official name for Yuan.
British government has also loosened the rules to support the Chinese banks to
open up in British and the Chinese authorities are taking steps to open the
market to British investors. According to an agreement signed by EU and China,
it was agreed to exchange 350 billion Yuan and 45 billion Euros within the next
3 years. The commentators say that this is one of the largest transactions
China has had with non Asian party.
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