The rise of the red-back
Adoption of the Chinese renminbi (RMB) in cross-border trade settlement has made some strong inroads since the market was partially opened in mid-2010, with 9% of trade already being settled in the currency. And with efforts underway to automate the trade payment process, volumes settled in the Chinese yuan are expected to surge over coming months.
Certainly, the momentum behind deregulation of the Chinese currency has gained in the past year from the explosive growth in RMB-denominated bond
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