Friday, April 12, 2013

The French Also Wants RMB Swap Business

No sooner than Bank of England having proudly announced that London will be the newest swap center for RMB, China's currency and the only one in Europe, Bank of France expressed the intention of becoming the RMB swap center for the Eurozone.

Noyer, governor of Bank of France, expressed confidence that RMB will soon become one of three major international currencies next to the dollar and euro.

To my knowledge, China has entered into bilateral swap agreements with about 20 trading nations. You can follow my observations in reverse chronological order starting with this blog.