China's Yuan currency goes global

Year of the yuan: China's explosive currency goes global — RT Business: "As China launches its global currency, European financial centers are hoping to become Europe’s yuan hub. London, Paris, and Zurich have all made very vocal bids for this title. According to Bloomberg, the Bank of England has an inside track to be the first Group of Seven nation to sign a currency-swap with the People's Bank of China. The deal may grant the UK central bank as much as 400 billion yuan ($64 billion) in reserves . . . China and Australia are major trading partners, so an investment in Chinese currency reserves will benefit transactions between the two countries. Now, they can conduct business transactions directly from yuan to Australian dollar, cutting out the middle man, the US dollar or euro. The Chinese yuan is the 13th most-used currency in the world for international payments, according to a February 2013 report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It jumped 6 places from the previous year."  read more at link above


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