The news that a number of banks are promoting the use of the renminbi instead of the dollar to settle trades with China is the latest sign of the gradual internationalization of the Chinese currency.
Some banks, such as BBVA, which has a 15% stake in China Citic Bank, are taking the idea to Latin American companies that export to China. Cross-border trade in renminbi is growing fast – volumes were up about 20 times in the first half of this year compared with the last six months of 2009.
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