China frees up renminbi
BEIJING & HANOI - China took a step towards liberalising the convertibility of the renminbi last week by announcing it would allow some trade with Asian countries to be settled in the Chinese currency. Currently trades are settled in the dollar or the euro.
No timeline has been given for when the plan would take effect but analysts expect Hong Kong to benefit first from the convertibility. Non-convertibility leaves exporters vulnerable to exchange fluctuations in the dollar and euro.
In another
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