Sunday, April 1, 2012

Internationalization of the Renminbi

The steady but gradual appearance of China's currency in the global market is comprehensively described on the China Economic Net. According to this article, Turkey, the latest to sign a bilateral currency swap agreement, worth 10 billion yuan, is the 16th nation to enter into such agreement with China.

My previous tabulation listed 18 countries including Brazil and Japan. Apparently these two have agreed to settle their bilateral trades in their own currency but did not actually enter into a swap agreement. A typical swap agreement with China is for initial term of three years, renewable on mutual acceptance and has a stipulated amount.

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