Business / International
Chinese Yuan could take over as the world's reserve currency: Experts
14 Nov 2011 at 14:42hrs | Views
The Chinese yuan, strengthened 16 basis points to 6.3301 against the U.S. dollar on Monday, according to the China Foreign Exchange Trading System.
Experts believe the Yuan could take over as the world's reserve currency if China can meet expectations.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
Experts believe the Yuan could take over as the world's reserve currency if China can meet expectations.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
Source - xinhua
