By intern reporter Guo Jin

By intern reporter Guo Jin

China should also step up efforts to internationalize the yuan, allow the currency's exchange rate greater flexibility to fluctuate and increase direct outbound investment,moncler quincy pas cher, Huang told a finance and real estate forum sponsored by Caijing on Sept. 8.
China held US$776.4 billion in U.S. treasury bills at the end of June and remains the world's largest owner of the bills despite reducing its holdings by about 3 percent from May.
Huang said that in the near term, the dollar will continue to be the world's foremost reserve currency. However, over time it is likely that the euro,doudoune moncler, as well as the yen, yuan or rupee,doudoune moncler pas cher, will gain greater prominence, eventually assuming some of the dollar's functions on the international market,Moncler sito ufficiale, according to Huang.
Full article in Chinese: http://www.caijing.com.cn/2009-09-08/110242717.html


1 yuan = 14 U.S. cents
Standard Chartered Bank (China) became the first foreign bank to settle cross-border trade in the yuan on Aug. 31 under a pilot program linking Shanghai, Guangzhou,moncler quincy, Shenzhen, Zhuhai and Dongguan with Hong Kong and Macau that was launched in July.

(Caijing.com.cn) China should diversify its foreign exchange reserves as the economic crisis is likely to result in the long-term decline of the U.S. dollar,moncler quincy, Huang Yiping, a professor from Peking University said.






A professor asserts a super-sovereign currency will be created in the long term.


However, in July,christian louboutin pas cher, vice foreign minister He Yafei said any such proposals were merely "academic discussions," and did not represent the official stance of the Chinese government.
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In the long term, it is possible a super-sovereign currency will be created, he added.
"The decline of the dollar could be a long process," Huang said. "But in the short term, it is not very likely for the dollar to depreciate significantly against the yen,Moncler outlet, euro or pound, as the U.S. economy is in better shape than the UK, EU or Japan."
China made a series of pronouncements on the possibility of establishing a super-sovereign currency in the wake of concerns that the Obama administration's fiscal stimulus plan would erode the value of its dollar-denominated holdings.
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UNITED NATIONS, Jan. 6 (Xinhua) -- UN Secretary-General Ban Ki-moon said here Wednesday that "Afghanistan will remain one of our main priorities in 2010," and the relations between Afghanistan and its international partners "must be reevaluated."