| In recent years, China has signed a flurry of currency deals with countries around the world. One notable absence: the U.S. The Chinese government has been pushing for a greater role for the tightly controlled yuan in global trade, investment and finance, as part of its effort to revamp the country’s creaky financial system and to one day challenge the U.S. dollar’s dominance in the international monetary system.
To promote the yuan on the world stage, Beijing has been trying to foster yuan-trading hubs outside the mainland by making it easier for foreign banks to obtain the yuan as well as to clear yuan-denominated transactions...............................................Full Article: Source
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