The yuan is just heading for the world: Zhou Xiaochuan

Over the last year, no one is more remarkable than Zhou Xiaochuan in world commercial circles, as his words being regarded the vane of yuan’s flaps, which implies the trend of world recovery leading by <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />China’s economic momentum.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Head of the People’s Bank of China, Zhou Xiaochuan launched the challenge at the beginning of the year, to the domination of US dollar in manifesting clearly China’s stance in the global financial system, when he made sharp criticism at the G20 summit in London, over international monetary system represented by the dollar.  His proposes of playing the role of Special Drawing Rights has aroused heating discuss amid the world, with firm support from Brazil and Russia rivaling objections by America always  held on its own position.  Experts say Zhou’s attitude has clarified the view about the matter but having been apart with nationalism appeal.

Actually, the globalization for renminbi has made steady progress in the year of 2009, during the period a series of steps taken by the central bank in July to realize yuna’s cross-border settlement for trial running at Hong Kong and highly opened cities like Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. Moreover, the   official department related to detailed business in this field has also set up accordingly to be in charge of the operations and responsible for overseeing of money swap. Anyway the year of 2010 is not quite easy for the financial top leader in the continuation of “moderate easy policy”.