Posted on 09/22/2011 6:21:29 AM PDT by AfricanChristian
With the internationalization of the RMB progressing on schedule, it is predicted that at least 40 percent of the trade volume of 2015, or about 100 million U.S. dollars, between China and Africa, which is equal to the total trade volume of 2010 between China and Africa, will be settled with RMB, according to the lasted research report issued in the beginning of September by the largest bank of Africa Standard Bank Group.
This is another achievement China has made since it launched the cross-border RMB settlement in 2009. Pang Kaige, chief executive officer of the Standard Bank (China), also said that it is quite possible that countries including South Africa and Nigeria will take RMB as their foreign reserves.
Now, it is two years since China decidedly launched the cross-border RMB settlement pilot project in the wake of the financial crisis, and cross-border RMB settlement has grown from a few domestic pilot cities to all of China. However, the RMB's process of "going global" is still in its preliminary stage. China's foreign reserves are still increasing, and China still has to face risks from the depreciating U.S. dollar.
China's foreign reserve issue is a reflection of the current imbalanced global economy and turbulent global system. Once the credit of the U.S. dollar is shaken, the economy of the whole world will suffer: Whoever depends more heavily on it will suffer more.
(Excerpt) Read more at english.peopledaily.com.cn ...
That's an easy one:
Support Obama and make sure he gets re-elected.
I like this part of the article.
China will buy US corporations on the stock market when the market takes one of its periodic dives. Who knows how much they already own.
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