2 votes

Global Transactions in Chinese Currency showing rapid increase

"Wake-Up Call for America: China’s Currency Growing Worldwide
By Sasha Cekerevac for Investment Contrarians | Jan 31, 2013

"While many people are aware that the Chinese economy is now the second-largest in the world, China’s currency, the yuan or renminbi, is also moving upward in the world rankings in terms of global transactions.
According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the world’s global payment system, the yuan has moved up from 20th in the rankings in January 2012 to 14th position in December 2012. The Chinese yuan is now above the Danish kroner in terms of global payments. (Source: “RMB Tracker: January 2013,” Society for Worldwide Interbank Financial Telecommunication web site, January 24, 2013.)
That is a significant move and an indication that the Chinese economy is becoming more integrated worldwide."


Good article, although it doesn't really go into specifics of why this is occurring.
Doesn't mention, for example, that the Chinese may be preparing to go to some kind
of gold standard to back their currency, or that they now have systems in place to
conduct oil and other commodity transactions in yuan...

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