Tag: Renminbi
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RMB internationalization inevitable trend as Chinese economy continues to grow
The internationalization index of the Chinese currency renminbi (RMB), or the yuan, hit a 5-1/2-year high, according to a recent Reuters report. Citibank predicted that the RMB is likely to overtake the Japanese yen and British pound to become the third most-recognized global settlement currency by the year 2030. In 2009, the People’s Bank of…