From the Wires
Chinese Yuan Set for Offshore Market Expansion as Banks Promote Global Use, Reports Currencies Direct
Treasury predicts the offshore market for Chinese Yuan will expand in 2013 as banks implement platforms for its use
By: Marketwired .
Jan. 11, 2013 10:17 AM
LONDON, UNITED KINGDOM -- (Marketwire) -- 01/11/13 -- According to the UK Treasury, banks across the world are taking steps to allow the Chinese Yuan to be traded across offshore markets as the ruling party took proactive steps to relax its grip on the currency's value, reports currency exchange experts, Currencies Direct.
Following last year's congressional meet within the Chinese Ruling party, the government outlined plans to expand the use of the Yuan across foreign exchange markets, thereby allowing more overseas investors to access local Chinese capital markets. The move comes as export led growth has slowed economic growth, with Mongolia now displacing China as the world's fastest growing economy.
According to the Treasury website, the Yuan climbed 0.005 percent to 6.2256 in Shanghai following news that China's central bank had raised the currency's reference rate - the Yuan's estimated value. The rise was in fact response to the publication of strong growth figures, which showed that China's economy was slowly rebounding.
According to Bloomberg, a financial media corporation, the Yuan continued its incremental rise on foreign exchange markets, growing for the fifth successive month to 2.25 percent.
About Currencies Direct
Currencies Direct is one of Europe's leading non-bank providers of currency exchange payment services. Since its formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange rates for consumers and high net worth individuals into a dynamic and pioneering 'business to business' fully integrated treasury solution service provider.
Head quartered in the City of London (United Kingdom) with operations in Europe, Africa, Asia and the United States, Currencies Direct is part of the Azibo Group, a privately owned investment company.
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