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More and more countries are accepting Chinese currency yuan, or RMB, to settle accounts with China, marking the end of the US dollar domination as a reserve currency. According to a report, 2013 will be very much about dealing with offshore yuan liquidity supply concerns through further capital account liberalization, and said it anticipates a range of "exciting" policies and market developments ahead. It forecast that the yuan will appreciate against the US dollar by around 2 to 3 percent next year, and yuan-denominated cross-border trade settlement will increase by around 30 percent to 4 trillion yuan ($634.9 billion), or approximately 15 percent of China's global trade value.
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  • (Xinhua)2017-10-19 18:05

    BEIJING - Chinese banks saw a net foreign exchange purchase of $300 million in September, the first settlement surplus in more than two years as cross-border capital flows stabilized, official data showed Thursday. Chinese lenders bought $156 billion' worth of foreign currency last month and sold $1...

  • (Xinhua)2017-10-19 15:32

    An employee counts renminbi and dollars at a bank in Qionghai, South China's Hainan province. [Photo/VCG]BEIJING - China's central bank's yuan outstanding for foreign exchange (forex) rose in September, snapping a 22-month decline, data showed Thursday.The funds increased by 850 million yuan ($128.6...

  • (Xinhua)2017-10-19 09:30

    BEIJING - China's "Panda bond" market has seen significant growth with more foreign issuers and a bigger issuance, as the country opens up its onshore bond market, according to a central bank report. As of the end of July this year, accumulated issuance of Panda bonds, or yuan-denominated debts sold...

  • By Cai Xiao(China Daily)2017-10-19 07:18

    China's holdings of US treasuries rose for a third consecutive month in August to the highest in a year on the back of rising foreign exchange reserves and expectations that the greenback may appreciate further.The country's total holdings of US bonds, notes and bills rose by $34.5 billion on a mont...

  • By Chen Jia And Wang Yanfei(China Daily)2017-10-19 07:12

    Central bank to press ahead with efforts to internationalize currency Yuan exchange rates will have a more stable foundation after the 19th National Congress of the Communist Party of China and the market will have a bigger role in determining the currency's value, a top central bank official said o...

  • (Xinhua)2017-10-18 10:27

    WASHINGTON - China continued to increase its holdings of US Treasury securities in August, and remained as the largest holder of US treasuries. China raised its US treasuries holdings by $34.5 billion in August, with the total holding up to $1.2005 trillion, the latest data from the US Treasury Depa...

  • (Xinhua)2017-10-16 17:08

    An employee at a bank counter in Nantong, East China's Jiangsu province, counts renminbi and dollars. [Photo/China Daily]BEIJING - The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 27 basis points to 6.5839 against the US dollar Monday, according to the China Foreig...

  • (Xinhua)2017-10-16 08:52

    WASHINGTON - Asia, the fastest-growing region in the world, has become much more resilient to weather financial storms with lessons learned from the Asian Financial Crisis 20 years ago, said a senior official at the International Monetary Fund (IMF). Lessons learned "Asian economies become much more...

  • By Wang Yanfei(China Daily)2017-10-14 09:10

    The People's Bank of China (PBOC) is seen in this photo taken on June 12 in Beijing. [Photo/Xinhua]The People's Bank of China, China's central bank, has completed trial runs on the algorithms needed for digital currency supply, taking it a step closer to addressing the technological challenges assoc...

  • By Wang Yanfei(chinadaily.com.cn)2017-10-13 15:21

    China's central bank carried out mock transactions using digital fiat currency with some commercial banks in June and once the currency is introduced, China is likely to become the first country to use it. [Photo/IC]China's central bank carried out mock transactions using digital fiat currency with ...

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