Internationalisation of renminbi has come a long way
IT is hard to believe that just a decade ago, the Chinese renminbi (RMB) had little exposure in international trade settlement markets.
Strict capital controls by the People's Bank of China meant that any export of the currency was firmly prohibited.
Transactions were settled in the US dollar; Chinese merchants had to pass the foreign receipt to the Chinese central bank, which would then convert the foreign currency back into RMB at a state-controlled exchange rate.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google to pay up to US$6 million to News Corp for new AI content, The Information reports
Restaurant Brands tops estimates as Burger King overhaul pays off
Yen falls after suspected intervention on Monday; eyes on Fed
US: Wall St opens lower on labour costs data
TikTok shop tops 500,000 US sellers after 2023 e-commerce launch
Parkway Life Reit Q1 DPU up 4% to S$0.0379