FX.co ★ Chinese yuan reaches G-7

China pursues the policy of advancing the yuan on the world financial market. Recently, this oriental country has signed a number of the currency swap agreements with Australia, Brazil, New Zealand, Singapore, Hong Kong, Argentina, Thailand, Malaysia, and lots of other countries. As the next step, the Chinese authorities entered into the similar agreement worth CNY 200 billion ($32.6 billion) with the UK.
It is the first agreement between China and the state from the Group of 7. The treaty is supposed to help China conquer the summit of the financial Olympus. According to the expert opinion from the U.S., in just 5-10 years the yuan will be able to become at least the dollar’s archrival, if not replace it. In this context, the execution of the agreement with the country issuing one of the key currencies in the world, has not only enhanced the yuan’s position, but has also given it the extra advantage in the race to the top.