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Friday, May 18, 2012

''China's yuan is on track to become the world's third international reserve currency''

From Business Standard
By Shyam Saran


''Recent developments in the world’s financial markets indicate that China’s yuan is on track to assume the role of the world’s third reserve currency, after the US dollar and the euro.

The yuan-designated dim sum bonds are being issued not only in Hong Kong, where they were initially launched, but also in Singapore and now in London. A $320 million bond designated in the yuan was recently issued by HSBC in London, attracting an enthusiastic response. London is likely to become a key platform in the internationalisation of the Chinese currency. The total outstanding dim sum products in Hong Kong reached 292.86 billion yuan from only 200 million yuan when they were launched in 2009. The Indian government recently permitted IL&FS and IDBI Bank to raise $100 million each through the dim sum route in Hong Kong.''

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