Lawmaker: Renminbi internationalization not on agenda
March 10, 2008
http://english.people.com.cn/90001/90776/90785/6369382.html
The internationalization of China's currency Renminbi has not been
brought on the agenda, said a lawmaker here on Sunday.
"Whether a currency could be internationalized depends on its
convertibility and the country's national economic strength. So there
is still a way to go for Renminbi's internationalization," said Wu
Xiaoling, deputy director of the Financial and Economic Affairs
Committee of the National People's Congress (NPC).
The former vice governor of the People's Bank of China, the country's
central bank, made the remarks on the sidelines of the annual session
of top legislature.
She said the central bank in recent years has signed agreements with
neighboring countries like Vietnam, Myanmar, Russia and Mongolia on
the settling account of bilateral trade, which allows each trade
partner to choose whether to use domestic currency or Renminbi to wind
up the trade account.
"It is good for expanding the area of using Renminbi," said Wu, adding
that China's neighboring countries have various demand in trading with
Renminbi.
Source: Xinhua
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