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Partial Yuan Convertability

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Foreign banks will be able to buy or borrow yuan from Chinese mainland lenders for the first time to settle trade in Hong Kong and Macau under a pilot scheme steered by the central bank.

The central bank chiefs of China and Hong Kong signed a memorandum on Monday, paving the way for the scheme, which analysts say is a step toward greater international use of the yuan.

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do you think it's possible that the yuan will be the new dollar then ?

what about that petro-dollar thingy & the north american union thingy......

I've got some Yuan in a drawer from a trip to China many years ago. Does this mean I can buy a house in Hong Kong with them?

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I reckon the IMF bonds (as funding) and their SDRs will be the next global currency.

It's the fabled "world bank". We just haven't realised it yet.

Heaven help us when there's a world bank run...

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In a poll of 10 senior asia based managers at a private dinner last night the CNY was identified as the currency with the most potential for appreciation in the next 12mths.. Gradually accumulating CNY looks the play for those with access to offshore FCY accounts (preferably booked in HK). USD & GBP were viewed as the big fallers ahead.. CNY will move towards full convetibility at the pace decided by PRC and noone else. Buy now...

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