5 votes

Does anyone remember when China said the dollar "will remain the world's reserve currency"?

That was on February 21, 2013. HOWEVER, that article must have overshadowed this one, which is REALLY MUCH, MUCH MORE SIGNIFICANT.

UK nears yuan swap deal as London eyes offshore leader status

By Olesya Dmitracova and William Schomberg

LONDON | Fri Feb 22, 2013 11:23am EST

(Reuters) - Britain said on Friday it hopes to set up a currency swap line with China soon to help finance trade, a move that will enhance London's drive to become a leading offshore centre for yuan trade.

China, in an effort to internationalize the yuan and eventually make it a world reserve currency, has already agreed swap lines with more than 15 other countries, mostly emerging markets.

The Bank of England said on Friday it would work with China's central bank to sign a final agreement shortly on a reciprocal three-year yuan-sterling swap, building on its statement last month that it was ready "in principle" to adopt the swap line.

read more http://www.reuters.com/article/2013/02/22/us-britain-china-s...



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