Friday, December 31, 2010
“Dubai Shock”/Internationalization of Renminbi-VIII
When the “Dubai Shock” attacked the financial market globally, the Chinese Finance Minister announced that it will issue 50-year Renminbi bond. China will be the third nation after the UK and France to sell the 50-year bonds. The total Renminbi bonds will be 20,000,000,000 yuan, and its interest rate will be approximately 4.4 percent. Will this be another step to internationalize Renminbi?