Here's Why The Yuan May Be On The Brink Of Becoming A Major World Currency

Yuan

China’s yuan his fast becoming an international currency for trading, and now several banks are backing the project much to the chagrin of the Chinese state, according to the Financial Times.

Tha banks now conducting roadshows do show off their ability to do cross border trade in the yuan are:

  • Standard Chartered
  • HSBC
  • Citigroup
  • JPMorgan

In addition, the Spanish bank BBVA is aiming to start to involve itself in cross border trade using yuan in Latin America.

The use of the yuan would act as a substitute to the dollar or euro in trade deals.

Read the full story at the Financial Times >

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