How this is coming into near full circle today with the renminbi(aka RMB aka Yuan aka CNY) being the conductor of trade with most China trading partners, from Russia to Canada to Europe, from Asia to the Middle East and from Oceania to South America. The RMB is now one of the currencies legal tender in Zimbabwe's multiple currency system.
#BlastFromThePast #BackToTheFuture #Renminbi #Yuan #TradeSettlement #ForEx #Greenback #USD #CNY #ChinaYuan #ChineseNewYear #PetrolYuan
2002: A bombshell! The laying of the cornerstone?
The then Chinese Prime Minister Wen Jiabao who visited Doha and disclosed at a press conference, quietly dropped a bombshell. He revealed "one more important point" as if it were an afterthought. He said: In order to address investment issues, we [China and Qatar] need financial support. Therefore, we reached another agreement, a cooperation agreement linking finance with investment. Qatar also proposed the use of local currency in trade settlement and even a specific ratio. I think this proposal can be studied.
(http://www.atimes.com/atimes/Middle_East/NA24Ak03.html)
2009: Offshore Renminbi (CNH) Since 2009, China has signed currency swap agreements with numerous countries such as Argentina, Belarus, Brazil, Canada, ECB, Hong Kong, Iceland, Indonesia, Malaysia, Singapore, South Korea, Thailand, the United Kingdom, Uzbekistan and Tajikistan.
(https://en.wikipedia.org/wiki/Internationalization_of_the_renminbi)
2014: Swift says 15 more countries now using yuan to settle over 10pc of trades with mainland, Hong Kong
15 more countries now using the mainland currency to settle trade and investment deals
(http://www.scmp.com/business/money/money-news/article/1649148/swift-says-15-countries-now-using-yuan-settle-over-10pc)
2018: China’s Bid to Upend the Global Oil Market
Could a new oil futures contract mark a seismic shift in Beijing’s efforts to globalize its currency?
(http://foreignpolicy.com/2018/01/18/chinas-bid-upend-global-oil-market-petroyuan-shanghai/)
A Happy Chinese New Year 2018 To Everyone!