The Obama administration declined Tuesday to label China a currency manipulator, noting that it has let the yuan rise nearly 10 percent in value against the dollar since June 2010.
China’s currency is facing strong downward pressure this year as the country’s once surging growth rates slow amid a stalling global economy and signs of capital flight after years of inflows.
The Bangko Sentral ng Pilipinas sees a benefit in the push to make the Chinese yuan a major international currency and an alternative to the US dollar.
China and Japan started direct currency trading on Friday as Beijing marked another stage on its journey to foster the yuan’s use internationally in line with its growing economic clout.
It may only be a matter of time before the US dollar gets replaced as the main currency in international trade, according to economists attending the meeting of the board of governors of the Asian Development Bank.
SY-LED CHINA Banking Corp. now allows depositors to set up yuan savings accounts in anticipation of the currency’s rise in the international community, supported by China’s rapidly expanding economy. In a statement on Friday, China Bank said yuan savings accounts would be available in select branches in Metro Manila initially, with the rest of the [...]
