Davis Hall continued, "The inevitable albeit gradual internationalisation of the Chinese Yuan
will steadily attract investors of all sorts to this counterbalancing global reserve alternative.
Taiwan and China inked a memorandum of understanding on the Chinese yuan
clearing mechanism in August last year.
And the Japanese government also agreed to hold Chinese yuan
in its foreign-reserves portfolio.
As a part of the commercial cooperation agreement, BankMuscat will open a bank account in Chinese Yuan
for the sake of facilitating the payments in relation with the trade between the Sultanate and China.
The chart shows percentage changes in dollar exchange rates during 2001-2008 relative to the following five currencies: Canadian dollars (CAD), Chinese yuan
(CNY), European euros (EUR), British pounds (GBP), and Japanese yen (JPY).
ROCKETING demand for the Chinese yuan
suggests that China may be making the leap from a niche to a mainstream holiday destination, according to Post Office Travel Services.
The price of the Chinese-built Prius will be 288,000 and 302,000 Chinese yuan
(depending on trim level), with 3,000 units being planned for sale in 2006.
Nonetheless, some 87 members of Congress recently Signed and sent a letter to President Bush regarding the perceived under-valuation of the Chinese yuan
Economic and fiscal policy minister Heizo Takenaka said Tuesday the value of the Chinese yuan
should be more actively discussed in light of the country's growing economic power.
China's exports have increased rapidly since the effective devaluation of the Chinese yuan
at the end of 1994, and the country's massive trade surplus - five times larger than that of Japan when scaled to GNP - provides millions of jobs for individuals who would otherwise be unemployed.
The SBP expects this settlement and clearing mechanism to reduce costs and increase efficiency for the local banking system in transacting in Chinese yuan
, enhance market liquidity and facilitate settlement of growing trade and investment transactions between China and Pakistan in the said currency.
Karachi: State Bank of Pakistan allowed the Chinese yuan
to be used for bilateral trade and investment activities.