China takes another step toward global financial leadership

In chase you missed it, last week, the Wall Street Journal reported that China is taking steps to make it easier for banks to handle transactions in the yuan:

The People’s Bank of China, the country’s central bank, is in the process of upgrading what is known as China’s National Advanced Payment System, or Cnaps, to better facilitate cross-border trade denominated in yuan, according to government officials and executives at Chinese banks. Currently, the processing of yuan payments into the system isn’t yet at the same level of efficiency as a cross-border payment in other major currencies like U.S. dollars. . .

The whole idea is to make the yuan a rival to the dollar in global finance.  You can read the full post here.

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