10 Oct 2013 - clik 1 - clik 2 - clik 3 - clik 4 - clik 5
ÚLTIMO PREGO NO CAIXÃO: China e Europa enxotam dólar do seu comércio bilateral.
BEIJING: China has signed a $57 billion currency swap agreement bringing about an "alliance" between the Yuan and the Euro. The agreement, which also involved the European Central Bank, allows businesses to ignore the US dollar and make settlements between the Euro and Yuan.
This is the largest currency deal for China, which is striving to make the Yuan an international currency. China recently inked a currency swap deal worth $32 billion during president Xi Jingping's visit to Jakarta. "The swap arrangement has been established in the context of rapidly growing bilateral trade and investment between the euro area and China, as well as the need to ensure the stability of financial markets," the European Central Bank said.The three-year swap is intended to serve as a backstop facility to ensure the yuan's liquidity and financial stability in the Eurozone, it said. The People's Bank of China said, "The new arrangement will provide more liquidity to the renminbi market in the euro area, promote overseas use of the yuan, and help facilitate trade and investment" .
"The agreement showed that the ECB is very interested in contributing strongly to theinternationalization of the renminbi," said Arnaud de Bresson, chief executive of ParisEuroplace, a professional association that promotes Paris as an international financial center.
"The agreement showed that the ECB is very interested in contributing strongly to theinternationalization of the renminbi," said Arnaud de Bresson, chief executive of ParisEuroplace, a professional association that promotes Paris as an international financial center.
De Bresson said that the swap is likely to significantly boost the yuan-denominated bondmarket in Europe and will help consolidate Paris' position as a major platform for yuan tradingand transactions in the eurozone. Paris played a leading role in pushing the European Central Bank to sign the agreement asFrance has been keen on developing its capital into a major yuan trading center. Yuan deposits in Paris amount to 10 billion yuan, making the French capital the second-largestpool for the Chinese currency in Europe after London. Nearly 10 percent of Sino-French tradeis settled in yuan, according to the French central bank. Michael Moore, a professor of Finance at Warwick Business School in the UK, said that theswap reflects China's ambition to raise the international profile of its currency.
"If China's aim is to make the yuan an international currency of choice, this is a good start," hesaid, noting that both sides need to replenish the deal to meet market demand. Since 2008, China has signed currency swap agreements with 23 regions and countries withthe total value reaching 2.48 trillion yuan, according to the People's Bank of China.
