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International

Feb. 10, 2010

The Yuan Moves Towards Universal Acceptance

James Wong of Chinney Capital says China is taking baby steps towards making the yuan a universally accepted reserve currency.

By James Wong

A big pronouncement at a little noted conference may have huge implications for the international currency markets. By expanding a current program, the pronouncement paved the way towards making the Renminbi (RMB) an international reserve currency, and took a step towards addressing the slow-boil disagreement between the U.S. and China currencies.

In a Jan. 21, 2010 speech to the 8th Annual "Chinese Import Export Enterprise Conference," People's Bank...

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