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Re: China has a "Good idea" for America
Note that Guo said the following when Geithner was in China:Mr Guo said the issuing of yuan bonds in Hong Kong and Shanghai would help to develop the debt markets in China and promote the yuan as a major international currency.
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It was the first time the head of a major Chinese bank has called for the wider use of the yuan, although a chorus of senior government officials have already voiced their concerns about the stability of the dollar and have said the yuan should be used more widely.
"I think the US government and the World Bank can consider the issuing of renminbi bonds," he said, asking for a "mutual cooperation" between the US and China to promote Chinese financial services. He said bond issuance could be relatively small, at between 1bn and 3bn yuan (£100m to £300m).
HSBC and Standard Chartered have both said they are preparing to issue bonds denominated in yuan.
Mr Guo is a former head of China's foreign-exchange administration, which manages the country's $1.9 trillion foreign exchange reserves. He said he was confident the yuan would become a major currency in the medium-to-long term.
http://www.ft.com/cms/s/0/9df9b2c0-4...44feabdc0.html"I don't think we can find another currency to replace the dollar..the dollar is the main currency because (the American economy) is number one in terms of competitiveness, in terms of innovation." -
Re: China has a "Good idea" for America
http://www.telegraph.co.uk/finance/f...e-of-yuan.html
Top Chinese banker Guo Shuqing calls for wider use of yuan
The head of China's second-largest bank has said the United States government should start issuing bonds in yuan, rather than dollars, in the latest indication of the increasing importance of the Chinese currency.Comment
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Re: China has a "Good idea" for America
(laugh)
The yuan.. bahahahaha. Gimme a break. Nobody will touch the yuan with a 10' foot pole until they start floating it on forex.Comment
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