Influence of China Yuan increased
2012-10-29 17:00:03
The report of experts emphasize that, since the resumption of the reform of the Chinese yuan exchange rate in June 2010, the number of currencies, the rate of which depends on the yuan, increased significantly compared with 2005-2008 and the number of currencies, the rate of which depends on the US dollar and euros, decreased.
The Peter G. Peterson Institute for International Economics US Research Institution has published a report, which states that as the results of the financial crisis and the slowdown in the US and European economies, the value of Chinese currency has increased substantially and the yuan may be regarded as the leading currency in East Asia. The report noted that the yuan has become a major currency in Asia, surpassing the US dollar and the euro. The exchange rate of national currencies of the Republic of Korea, Indonesia, Malaysia, the Philippines, Singapore and Thailand are now more tied to the yuan than the US dollar. The greater influence of the yuan is mainly due to the strengthening of trade relations between China and other countries.