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Article: RMB SETTLEMENT IN CHINA'S CROSS-BORDER TRADE IS THE FUTURE.
- Article from:
- AsiaPulse News
- Article date:
- September 8, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, Sept 8 Asia Pulse - The use of RMB for the settlement of cross-border trade will eventually make headway, with the development of China's economy and improvement of the relevant regulations.
This in turn will help pave the way for RMB to be positioned as a reserve currency, though there will be twists and turns along the way.
-- Current difficulties
The first batch of companies to dabble with the new settlement mechanism, in Shanghai and Guangdong, has made little practical headway since its debut in July this year.
Not only has the long-term habitual use of US dollars as the medium for cross-border trade settlements posed a ...