| More companies are trading goods and services with China and pricing it in yuan instead of dollars, the Bank of China said on Wednesday. Bank President Chen Siqing said in a note that the fourth quarter of 2013 saw a 30% increase in yuan trade settlements from the second third quarter.
Although the currency remains a tightly controlled currency – pegged to the dollar – the Chinese government and many fund managers are betting on the yuan eventually becoming the new yen in Asia. According to the Bank, dollar activity in the fourth increased by just 2% while euro, pound and yen trade all declined...............................................Full Article: Source
|