| After a struggle of more than half a decade, China this week overcame doubts and objections to qualify for official reserve status for its currency, the yuan. Now, the real battle begins.
Chinese officials who want a much bigger role for market forces -- including central bank Governor Zhou Xiaochuan and his deputy Yi Gang -- have used the goal as a lodestone for their ideas. In their campaign, the reformers won approval for gradually opening up the financial system to foreign participation and letting the private sector set interest rates...............................................Full Article: Source
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