China should take advantage of international financial crisis and push to “internationalize” the Chinese Renminbi, says Study Times, journal of the School of the CCPC February 16, 2009. The article takes note of recent State Counsel decisions on using RMB in settling commercial transactions with Hong Kong. The current international crisis has lowered the net worth in the U.S. dollar and the esteem the international communities has held for the U.S. dollar. The article recommends expanding pilot programs to use RMD as settlement currency.
Source: Study Times, February 16, 2009