"I believe the renminbi will develop into a global reserve solo beats by dre cheap currency. There is intense competition in the financial world for being a part of the renminbi trading system," says Nagel. He says the biggest challenge for contenders such as Germany would be to initially maintain a certain amount of liquidity in Frankfurt. Major multinational companies and banks could be the "ice breaker" by bringing in the desired volumes through yuan trading. "The renminbi is a big currency and will play a bigger role in the future in the international market. I think the market is big enough to have multiple yuan-trading centers in Europe," Nagel says. Mongars, of the Bank of France, feels that there would not be too much competition among the major European financial centers, because the currency swap deal will serve as a back-up facility cheap solo beats by dre when there is a serious liquidity shortage of the yuan in the eurozone, and also negates the need for an alternative funding source. Wim Raymaekers, head of the banking market at the Society for Worldwide Interbank Financial Telecommunication, says financial institutions in the UK, France and Germany are increasingly adopting the yuan to support trade settlement by their corporate customers. Outside Europe, Dubai is likely to become another major offshore yuan-trading center after Taipei as it refocuses on its roles as a regional hub for trading, logistics and tourism, says a recent report published by Standard Chartered Bank. Financial prada bags outlet institutions in Dubai have been actively participating in yuan deals, facilitated by the 35-billion-yuan currency swap agreement signed last year between China and the United Arab Emirates. The Dubai International Financial Centre has already introduced a payment system to allow clearing and settlement in the yuan. Peter Sun, managing director for transaction banking, Africa, at Standard Chartered, says the chances of establishing an offshore yuan center in Africa are also high. Mauritius, with a free flow of dollars and trading with other African countries, is becoming a new regional treasury center, and companies in Africa are moving there from the traditional locations such as London and Dubai, he says. Menon, of the monetary Authority of Singapore, says: "As the use of the cheap studio beats by dre renminbi expands over time in the region and beyond, there will be room for more than one offshore renminbi center. Each will have its own niche and strength." They will also play complementary roles in developing the offshore yuan market, Menon adds. For instance, "offshore renminbi liquidity in Singapore should be fungible with renminbi liquidity in other offshore centers. This will help ensure that surplus liquidity in one center can be channeled to meet the demands in another, thereby improving the efficiency of the overall renminbi market," he says. Guo Tianyong, a professor at the Central University of Finance and Economics in China, says: "Major cities around the world have become increasingly vocal on opportunities from yuan business in the past http://www.krotoresearchcampus.com/beats.asp few months. The recognition and acceptance of the yuan is very encouraging if we realize that internationalization of the currency is just a three-year baby." In 2010, Beijing launched its ambitious project to float the yuan globally by allowing companies worldwide to settle their international trade in the Chinese currency. Despite the increase of yuan centers worldwide, the dominance of Hong Kong won't be threatened, as the biggest proportion of yuan flows are still conducted through cheap beats by dre the special administrative region of China, says Piyush Gupta, chief executive officer of DBS Bank Ltd, Singapore's largest commercial bank. George Chin, a professor at York University in Toronto, says central banks, governments and private investors are seeking alternative foreign exchange reserves and investment options. For traders, there are real cost efficiencies to be gained by shifting to yuan settlement. Raymaekers says the internationalization of the yuan will continue to increase in the near future, albeit with some volatility. "Based on payment transactions going over SWIFT in June 2013, we see that the yuan again rose up the ranks versus other global currencies and may actually join the list of top 10 currencies soon." The Chinese currency is ranked 13th globally prada outlet online among world payment currencies, up from 20th in January 2012. Asian advantage An index compiled by Standard Chartered that tracks the progress of the yuan business breached 1,000 points for the first time in May. 

Posted by: chenfeiaa at 01:33 AM | No Comments | Add Comment
Post contains 749 words, total size 5 kb.