China to use ASEAN meet to make Yuan an international currency
Saibal Dasgupta , TNN 23 October 2009, 07:03pm IST
BEIJING: China is set to use the ASEAN meet to sell the idea of making the Yuan an international currency. It is using the sense of uncertainty over the US dollar to sell a new dream of enlarged regional trade, financial support from Beijing and reduced dependence on the volatile dollar.
China has also offered to contribute nearly one-third of the $120 billion economic stimulus package being worked out by ASEAN with the stated purpose of helping member-nations reduce their dependence on the International Monetary Fund. Japan offered to cough up a similar amount so that its influence in the region is not diminished.
China to use ASEAN meet to make Yuan an international currency
Saibal Dasgupta , TNN 23 October 2009, 07:03pm IST
BEIJING: China is set to use the ASEAN meet to sell the idea of making the Yuan an international currency. It is using the sense of uncertainty over the US dollar to sell a new dream of enlarged regional trade, financial support from Beijing and reduced dependence on the volatile dollar.
China has also offered to contribute nearly one-third of the $120 billion economic stimulus package being worked out by ASEAN with the stated purpose of helping member-nations reduce their dependence on the International Monetary Fund. Japan offered to cough up a similar amount so that its influence in the region is not diminished.
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http://timesofindia.indiatimes.com/world/china/China-to-use-ASEAN-meet-to-make-Yuan-an-international-currency/articleshow/5153779.cms