akzeptiert LME=London Metal Exchange. Der Yuan ist jetzt an fünfter Stelle der weltweit am meisten genutzten Währungen. Bisher ist er noch nicht voll convertible. Aber der Anstieg des Yuan in globalen Märkten sei diie wichtigste Entwicklung in Währungen nach dem Euro ....
..... is set to accept yuan as collateral for banks and brokers that trade on its platform. The Chinese currency joins the U.S. dollar, the euro, the British pound and Japan’s yen, which are all currently permissible as collateral on the LME’s platform.
“In the commodities area, it makes absolute sense to start providing renminbi-denominated services,” said Trevor Spanner, chief executive of the LME’s clearing house business. “The renminbi is on its way to becoming one of the world’s most widely used currencies” he said.
The yuan is now the fifth most used currency for international payments, ranking number seven a year ago, according to data from the Society for Worldwide Interbank Financial Telecommunication, a provider of payments services.
A Bank of England survey on Monday showed that trading in yuan rose 25% in London in the six months to April this year, even as trading volumes in other currencies fell by 8% on average over the same period.
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In June this year, the London Bullion Market Association said that Bank of China Ltd. will become the first Chinese bank to participate in the daily process for setting the price of gold. China vies with India as the world’s largest consumer of gold, according to the World Gold Council.
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volumes will only really take off when China’s currency can be freely converted into dollars, euros or other foreign currencies.
“The renminbi is getting more and more important for global finance. But there is a big question mark: when it will be fully convertible?” he said.
Still, a number of major financial centers are racing to become a hub for the yuan, including London.“The role of the renminbi in foreign exchange trading and cross-border payments has surged,” said Dan Marcus, CEO of London-based currency trading platform ParFX. The rise of China’s currency on global markets “is arguably the most significant development in currency trading since the introduction of the euro in 1999. Ten years from now, it will be challenging the top major currencies.”
www.wsj.com/articles/...nto-global-financial-system-1438038445