China Approves $10bn Bond Sale to Japan
- 12 years ago
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Chinese authorities have given Japan the go ahead to purchase ten billion US dollars worth of Chinese state bonds. The move can be seen as the latest step in an effort to internationalize China's currency, the yuan.
Chinese authorities still exercise control over the value of the yuan. Many western analysts think the currency will only be able to rival the dollar, pound and other reserve currencies if it is allowed to float freely on the market. This latest bond sale to Japan and a limited amount of yuan trading in Hong Kong can be seen as small steps in that direction.
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Chinese authorities have given Japan the go ahead to purchase ten billion US dollars worth of Chinese state bonds. The move can be seen as the latest step in an effort to internationalize China's currency, the yuan.
Chinese authorities still exercise control over the value of the yuan. Many western analysts think the currency will only be able to rival the dollar, pound and other reserve currencies if it is allowed to float freely on the market. This latest bond sale to Japan and a limited amount of yuan trading in Hong Kong can be seen as small steps in that direction.