HURRIYET
The world's second largest economy, China's currency, the transaction amount yuandaki from scratch in less than five months, increased to $ 400 million. Business of the yuan trading operations globally through trade, investment and debt financing can provide. This development, Yuan to take part in global financial markets is seen as an important step taken.
Yuan, the buying-and selling out to Beijing despite being granted permission management are tightly controlled by the value for the dollar and the euro gained to kaybetmeyecektir. However, the demand for foreign currency yuan, much faster processors, increased attention. New York, London and Tokya'daki banks, Yuanda to operate the new system would allow quick and keeps his hand in the creation of units.
Norman Chan, Chairman of the Central Bank of Hong Kong as yuandaki developments, this new beginning of an age ... This is a step towards Yuan literally transform the global financial structure, as he said that means a big change.
Surprisingly RATE INCREASE
Yuandaki transaction amount, for $ 4 trillion daily global foreign exchange transactions in finding a very small share. In this market, dollar, euro and yen denominated transactions remains a dwarf in comparison. However, traders said an increase in yuan transactions surprisingly fast.
Chinese companies, in their hands yuan accounts, transfers in Hong Kong cross-border transactions are allowed. Amount transferred to banks in Hong Kong, up to 300 billion euros the year-end (46 billion dollars) is likely to come on.
On Monday closing level of 6.6670 dollar / yuan parity, the parity movement in China in mid-June fell to 2.4 percent since its decision to stretch the band.
However, the yuan, the increase in operations is not an inevitable situation. China, it can reverse and slow down development in this market. Because the Chinese leaders, and over the border out of the way fast emergence of money, inflation and interest rate policies to control zayıflatmasından afraid of your hands.
CHANGING THE GAME RULE
Standard Chartered Bank's research unit for the Americas at the beginning, David Mann, regardless of treatment abroad görmesinin Yuan 'rule of the game' has changed, he said. Mann said this was faster than anyone had expected.
Chinese regulatory authorities, banks and real transactions made by persons outside the country for the yuan in July, had opened the door. This sub-structure formation, the opening of the front of the free movement of Yuan and is seen as a necessary step in the process of determination of value by the market. For now, Beijing is building on the impact of management control over the yuan.
Chinese regulatory authorities on December 6, gevşetmesiyle the scope of this program to sell their products at a time, so 70 thousand yuan, using a few number of exports allowed me to rise.
BEHIND leave Japanese Yen
Some of China's 2.3 trillion dollars within the next few years found that 30 to 20 percent of imports, instead of dollars with yuan, is estimated to take place. According to data from Standard Chartered currently has a low level of less than 1 percent of this figure.
Mann, Yuan before too long, the dollar and euro after the third most widely used currency in global trade would be predicted.
* The Wall Street Journal article, "Offshore Trading in Yuan Takes Off" has been compiled under the title published in the news.
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