Wednesday, January 12, 2011

ARTICLE: Chinese bank launches yuan service in New York


Being paid in yuan would help them eliminate uncertainty about exchange rate changes. It also might help to promote China as the center of an Asian regional trading area.  China's leaders have said they will eventually let the yuan trade freely but say relaxing controls too abruptly would damage its financial system. They say a rapid rise in the yuan would hurt exporters, wiping out jobs.

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