There is now a de facto renminbi currency bloc in East Asia.
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They're a bit uncomfortable with some of the pressure they've had to appreciate the renminbi, their currency.
According to a 36-page academic research report by the Peterson Institute for International Economics, China has moved closer to its long-term goal for its currency, the renminbi (RMB), to become a global reserve currency.
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"It's easier to wire U.S. dollars than renminbi" into China, where renminbi is the legal currency.
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If these reserves start to decline, it would mean China would need to start selling renminbi to maintain its currency peg.
The move is seen by some Chinese economists as another step towards the renminbi becoming a major international currency, People's Daily reports.
As debates over whether or how China should internationalize its currency, the renminbi, rage on, it is striking to see what remains missing from the dialogue: Africa.
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Mr Geithner has suggested deficit or surplus targets of less than 4% of gross domestic product as an alternative to pressing China to allow its currency, the renminbi, to appreciate faster.
Would devaluing China's currency, the renminbi, be the answer?
By 2015 the Chinese currency, the renminbi (RMB), will be one of the three most traded currencies in the world, on par with the euro and the dollar, HSBC said on Friday.
As Robert Peston has written, the "news" out of Hong Kong was that Mr Osborne is keen to get the city a big slice of the new booming offshore trade in the Chinese currency, the renminbi.
The renminbi might well make a fine regional reserve currency, but the global reserve currency system is likely to gravitate towards a combination of gold, dollar, yen, renminbi and perhaps even oil.
The UK is looking to become a centre for the Chinese currency, also known as the renminbi.
China might also insist that its contribution be at least partly denominated in renminbi, which would protect its investment against currency fluctuations.
China is preparing for a world beyond the inconvertible paper dollar, a world in which the renminbi, buttressed by gold, becomes the dominant reserve currency.
Moreover, when the renminbi becomes convertible, it will already be accepted the world over as a currency that can be used for settling trades.
This month, the People's bank of China, the country's central bank, engineered a one-day fall of almost 1% of the value of the renminbi, apparently a warning that Beijing would resume its efforts to cheapen its currency.
Also purchase Renminbi-denominated assets as China, in its attempt to position itself as a global reserve currency, will likely lend support to any company that risks default.
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We should be wary of assuming that the offshore trade in renminbi out of Hong Kong is the first step on the road to the yuan as a major global currency, with the City taking a big piece of the action.
The event is extremely significant, not only because the renminbi is now trading at its highest level in years, but because the move is a clear shift in currency policy.
"The start of yuan clearing service in Singapore is one more step forward to the internationalization of the renminbi, " said Matthew Cannon, HSBC's head of global markets in Singapore, referring to the Chinese currency by its official name.
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