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The Vancouver Sun reports that currency trading in the Chinese yuan is increasing as China opens up its capital markets.
The Vancouver Sun reports that currency trading in the Chinese yuan is increasing as China opens up its capital markets.
As quoted in the market news:
Three years after China allowed the yuan to start trading in Hong Kong’s offshore market, banks and investors around the world are positioning themselves to get involved in what Nomura Holdings Inc. calls the biggest revolution in the $5.3 trillion currency market since the creation of the euro in 1999.
Daily yuan transactions surged to $120 billion in April from $34 billion in 2010, making it the ninth most-traded currency in the world, according to a September report by the Bank for International Settlements in Basel, Switzerland.
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