Yuan edges into place as international trade currency

This is what Roubini has to say about it

GUANGZHOU, April 16 (Xinhua) — Buyers and sellers at the 105th Canton Fair in south China’s Guangdong Province are no longer restricted to using the U.S. dollar to settle their deals. This year they can also use the yuan, China’s currency.

Last week, the State Council (Cabinet) gave the green light to five major trade cities — Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan — to use the yuan, also known as Renminbi, as an option to settle international trade deals.

Last December, pilot programs were announced to allow the country’s two economic powerhouses, Guangdong Province and the Yangtze River Delta (including Shanghai), to use the yuan to settle trade deals with the two special administrative regions of Hong Kong and Macao.

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