Tuesday, November 25, 2008

Yuan Watch : Regionalize then Internationalize

By BenjaminScent
Wednesday, November 26, 2008

China can use the current financial turmoil as an opportunity to pursue more financial reform and push forward internationalization of the yuan, Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong said yesterday.
"During these difficult times, we have crises, but it also provides some opportunities," Yam said in Beijing, following meetings with the mainland banking and securities regulators and the central bank. "It's a good time to push renminbi to the world," he said.
Yam explained the yuan could become a regional trade currency and used for trade settlement.
"Our view is very clear - under the current situation, the country can make use of the opportunity to do more on financial reform," Yam said. "I can deeply feel that all the relevant parties, such as the People's Bank of China and other regulators, they all want to do something." China and Hong Kong need to play more active roles in discussions of international financial issues, Yam added

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