Friday, December 31, 2010
Internationalization of Renminbi-III
On 7 June 2009, Guo Shuqing, the chairman of China Construction Bank (CCB), made a new proposal regarding Chinese renminbi. “I think the U.S. government and the World Bank can consider the possibility of issuing renminbi bonds in the Hong Kong market and the Shanghai market (Japan Times 9 June 2009).” Some Chinese leaders have tried to internationalization of the Chinese currency; Chinese media have repeatedly insisted in the dollar value. The US might face a hyperinflation after the financial crisis. Guo is a former head of China’s Foreign Exchange Administration, and China Construction Bank is the world’s second-biggest bank by market value currently.