Chinese Yuan to Become Key Commodities Currency
Source: Reuters, Christopher Johnson and Emma Farge (4/27/12)
"Chinese customers and end-consumers such as refiners and fabricators now typically pay for imports with dollars, but bankers at a Financial Times commodities conference in Switzerland think that will change, possibly quite rapidly."
Gold, copper and other commodities could be paid for in yuan within a decade or two, bankers and traders said on Wednesday, provided China pursues its policy of gradually freeing up trade in the currency.
Already the world's biggest consumer of commodities such as industrial metals and oil, China's economy is growing more than three times faster than most developed countries. . .View Full Article