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Article: Prepare RMB to go global
- Article from:
- China Daily
- Article date:
- June 2, 2003
CopyrightCopyright 2003 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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China should prepare well for the debut of the renminbi (RMB) or
yuan as a key international currency, said an editorial in the
Guangzhou-based 21st-Century Business Herald.
It is estimated that about 30 billion RMB (US$3.6 billion) is
currently circulating overseas.
Although the figure barely accounts for 2 per cent of all RMB in
circulation and is dwarfed compared with key currencies such as the
US dollar, Japanese yen or euro, the phenomenon is still widely seen
as a sign of the RMB's potential to become an international currency.
The circulation of RMB outside China demonstrates other countries'
confidence in the Chinese economy and its financial system.
However, the journey of RMB ...