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IPFS News Link • Economy - International

Renminbi set to replace US dollar for trade in Asia Pacific

The Chinese renminbi is taking on an increased role in the Asia-Pacific region, and is expected over time to replace traditionally dominant currencies such as the US dollar and the euro for certain transactions.

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Comment by Found Zero
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Interesting. One major beneficiary of the utter opacity of the Chinese banking system has always been.....the Chinese banking system. But keeping it an internal currency they've been able to avoid "market valuation" and essentially say RMB is worth whatever they say it is.

If it's a competitive currency in world markets they can kiss that control goodbye.