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Tuesday, 16 August 2016

Yuan set for a major action in the UAE | The National

Yuan set for a major action in the UAE | The National:

"The internationalisation of the Chinese currency, the yuan (sometimes called renminbi), continues apace with the country’s apparently inexorable progress to become the world’s biggest economy.

It is a process that has been attracting interest in financial centres across the world and looks set to be a major event in the UAE later this year.

The Brexit vote only increased the stakes, with some experts in London suggesting that the City could compensate for any waning influence in the Euro­pean financial system by becoming the leading global centre for yuan trading, challenging Hong Kong, the current yuan offshore hub. The global competition to trade yuan is hotting up."

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