China Turns to BRICS to Globalize Yuan

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For more than three years, China has been gradually implementing a strategic plan to internationalize its currency, the yuan, with a central element of this strategy being to increase the yuan’s role in China’s cross-border trade settlement. To date, these efforts have been strikingly effective, as the “people’s currency” was used to settle nearly 10 percent of China’s international trade in 2011, up from essentially zero in 2009. Last week, it was reported that China is poised to take another significant step in promoting the yuan’s use in global trade settlement by extending yuan-denominated loans to the other BRICS nations: […]

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