Bundesbank Member: China's Currency "On Its Way To Becoming Global Reserve Currency"

According to Bundesbank Executive Board member Joachim Nagel, the Chinese currency is well on its way to becoming one of the future global reserve currencies. This potential stems from the renminbi's increasing convertibility, he said at a conference of the Chamber of Industry and Commerce in Frankfurt.

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the significance of the renminbi has increased greatly over the last few years. He underlined this by referring to figures published by SWIFT, which indicate that the percentage of trading transactions settled in renminbi jumped from virtually zero to around 12% between 2010 and 2012 -- and is likely to increase further.

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Mr Nagel welcomed Frankfurt's endeavour to position itself as a trading hub for the Chinese currency, calling it a step in the right direction, towards the free movement of capital. "The high level of interaction between China's and Germany's real economies highlights the necessity for a more active renminbi trade", Mr Nagel remarked, "perhaps even using Germany as a hub"

Source: http://implode-explode.com/viewnews/2013-07-06_BundesbankMemberChinasCurrencyOnItsWayToBecomingGlobalReserveCur.html

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