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Yuan’s Fight to Become a Leading Global Currency Continues
Mainland China is continuing its push to transform the yuan into a globally accepted currency.
In May, China’s central government said it would permit locally incorporated foreign lenders to issue yuan bonds on the mainland. Now HSBC Holdings PLC (NYSE ADR: HBC) and Standard Chartered Bank are preparing to issue more than $500 million in yuan-denominated bonds – which would make them the first foreign banks to make such a move on the mainland.
[However, China did last month rule that HSBC and the Bank of East Asia Ltd.…
7Jun2009 | Money Morning | 0 comments | Continued
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