Swiss, Chinese Central Banks Enter Currency Swap Agreement
The Swiss
National Bank and the People's Bank of China reached a currency swap
agreement on Monday, allowing the two central banks to buy and sell
their currencies up to a limit of 150 billion renminbi, or 21 billion
Swiss francs ($23.4 billion).
RMB developing quickly as major world currency
The
renminbi is on track to become the third-largest international currency
behind the US dollar and the euro within five years as China
accelerates its promotion of the yuan
U.S. fiscal failure warrants a de-Americanized world
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