Want China Times, Staff Reporter 2013-09-08
 |
| Counting RMB banknotes at a bank in Suining, Sichuan province. (Photo/Xinhua) |
After the
Basel-based Bank for International Settlements on Spet. 5 announced that the
renminbi is now the world's ninth most-traded international currency, economic
observers told the state-run China News Service that more challenges are ahead
for China's government.
Surveying
24 currencies in 53 countries and regions in its report, the Bank for
International Settlements said the renminbi has risen to ninth place because of
significant expansion in offshore trading in the currency, according to the
Associated Press.
Guo
Tianyong, director of the Banking Research Center at the Central University of
Finance and Economics in Beijing said the rise of China's political and
economic clout is the key reason the country's currency is becoming
increasingly favored. However, Guo said this also means a greater burden on the
renminbi to stabilize the global economy in the future.
Zhou
Jingtong from the Institute of International Finance of the Bank of China said
the government must pay more attention to global economic interests instead of
focusing on China alone when it sets policy as the country's reputation as a
new economic power depends upon it.
References:
Guo Tianyong 郭田勇
Zhou Jingtong 周景彤
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