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China continues to stimulate the use of the renminbi throughout the world
China has been working tirelessly to encourage the use of yuan across the globe. This process is observed in North America.
The established yuan clearing centers will facilitate bilateral trade between China and its partners. The expansion of bilateral trade and the emergence of hubs for the exchange of Chinese currency in large international financial markets help the yuan to become a world currency.
It is obvious that the Chinese authorities want to reduce the dependence of the yuan on the US dollar. The wide spread of the yuan will allow China to take more loans from international investors to finance the government deficit.
According to Bloomberg, on November 17, Joachim Nagel, a member of the board of directors of the Bundesbank, Germany's central bank, said in Frankfurt: "It is only a matter of time before the yuan becomes the international reserve currency."
According to the Bank for International Settlements' Triennial Global Markets Survey, in 2001 the yuan's turnover in the foreign exchange market was less than 0,1% (35th place). As of 2013, it captured 2,2% of the currency market (9th place).
Earlier this month, Canadian Prime Minister Stephen Harper achieved the first North American clearing center in the country.
During his visit to Australia, Chinese leader Xi Jinping 17 November announced in Sydney that there would also be rendered services for the yuan. According to Bloomberg, this week Frankfurt became the first place in Europe where operations in Chinese currency will be conducted.
Since Hong Kong, the first city outside of China, local banks began accepting RMB deposits in 2004, China has made great progress in the internationalization of its currency.
Although this may not seem like much, in the 2013 year, the yuan surpassed the euro and became the second most used currency after the US dollar.
Chinese regulators gave Canadian and Australian financial institutions a quota for qualified foreign institutional investors (QFII) in 50 billion yuan. This allows those who wish to purchase yuan-denominated bonds or shares in the capital markets in China.