GUANGZHOU, Oct. 1 (Xinhua) -- The Renminbi's inclusion into the elite reserve currency basket of the International Monetary Fund (IMF) on Saturday was hailed by Chinese businesses and analysts as a "historic moment".
"This is a historic moment," said Lu Jian, vice president of Guangdong Guangken Rubber Group Co., Ltd.
"Ten years ago, the RMB could hardly 'go out of the country'. But now China's opening-up and huge economic size has made it more and more popular in the international market," said Lu.
Early this year, Guangken Rubber launched a 270-million-U.S.-dollar bid for Thailand's Thai Hua Rubber, the world's third-largest rubber producer.
The company then sought loans from domestic and overseas banks, with some offering to fund its bid all in RMB.
The acquisition in RMB helps reduce foreign exchange risk as well as fund-raising cost, said Lu.
"Ten years ago, all our overseas business was conducted in the U.S. dollars and we often did not have RMB clearing banks. It's quite a different scenario now," he said.
Now China has 21 overseas RMB clearing banks across the world.
"Despite the fluctuations in the RMB exchange rate, the international market has not lost interest in the Chinese yuan and on the contrary, the global demand is increasing," said Lu.
Over the past decade, the world has witnessed the rapid rise of the Chinese currency.
Now, the RMB accounts for the third-largest share of the new SDR basket with 10.92 percent, following the U.S. dollar's 41.73 percent and the Euro's 30.93 percent.
【国内英语资讯:China Focus: RMBs SDR inclusion hailed by China business, analyst】相关文章:
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