Topic “yuan” — Exporter Magazine

With $79 billion of yuan deposits as of April 30, Hong Kong is the largest repository for China’s currency outside of the mainland, and the only place the yuan is commonly used or traded that is free from Beijing’s strict capital controls. According to the central bank’s latest report on the international financial market in 2010, banks made more than 500 billion yuan of cross-border RMB trade settlement in 2010, accounting for 2% of China’s total foreign trade value that year and about 48 times the amount in 2009. Canton Fair, China’s largest trade fair and a key barometer of its trade and economic development, opened last week, amid growing concerns that a stronger yuan would weigh on the nation’s exports, according to ChinaDaily.com. China for the first time allowed the yuan to trade against the Malaysian ringgit on the domestic market last Thursday in a move signalling China’s intention to progressively turn the yuan into a major global currency, according to a Wall Street Journal online report.