In November 23, China and Russia agreed to expand local currency settlements for bilateral trade after therenminbi (Rmb) commenced trading against the Russian Ruble on the Chinese interbank market.
The Rmb is ready to dominate
Over the past two years, China has issued numerous policies and programmes to internationalise the yuan. From the proposed Shanghai international bourse to the launch of the Mini-QFII scheme this year, it's clear that China's intent is to bring her currency to the centre of the world stage and align it with the country's growing influence in global trade and finance
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