China takes steps to bolster international use of yuan

09/29/2009 | Xinhuanet.com (China)

A 6 billion yuan sovereign bond issued in Hong Kong marks a milestone in bolstering the international use of the renminbi, analysts and officials said. "The need for the [renminbi] to go international and convertible has been growing along with the increasing importance and openness of the Chinese mainland economy and the risks arising from over-reliance on the United States dollar as the reserve currency," said Tse Kwok-leung of Bank of China (Hong Kong).

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