Yuan payments service comes as experts predict Chinese curre

[Derek.Sheriff]

Very interesting article!

Travelex to allow firms to trade directly with China in yuan
"Some economists see the yuan becoming a reserve currency within five years as China's economic power expands. "

"The prospect of a fully exchangeable Chinese currency will move a step closer this month when Travelex offers business customers the opportunity to trade directly with authorised Chinese companies.

The move comes at a time when the dollar's long-standing role as a reserve currency is under threat. China's economy is powering ahead and overtook Japan as the world's second-largest economy last year, a title Japan had held for more than 40 years. It is only a matter of time before it will leapfrog the US and claim the number-one spot."

"The number of Chinese businesses that are authorised to receive payments in renminbi from overseas companies soared from 350 last year to more than 3,000. Traditionally, companies exporting to China have had to deal with intermediaries and pay in US dollars, typically incurring 6-10% in transaction fees."
[url]
http://www.guardian.co.uk/business/2011 ... -useconomy[/url]