Markets RoundupThe latest news & analysis
Today's ActionMarket DataStocksQuick TakesPersonal FinanceYour MoneyNewsletter Signup
http://www.wsj.com/articles/chinas-yuan-pushes-deeper-into-global-financial-system-1438038445
China's Yuan Pushes Deeper Into Global Financial System
The currency, otherwise known as renminbi, is the world's fifth most used for international payments
Chinese one-hundred yuan bank notes being counted. China's currency is now the fifth most widely used in international payments as the currency takes its place alongside the U.S. dollar, the pound, the euro and the yen. Photo: Bloomberg News
By Chiara Albanese
July 27, 2015 7:07 pm ET
China's domestic stock market may be in turmoil but the country's currency, known as the yuan or renminbi, is making a seemingly relentless push deeper into the global financial system.
The latest step: the London Metal Exchange, the world's largest venue for trading metals where $15 trillion of metals was traded last year, is set to accept yuan as collateral for banks and brokers that trade on its platform. The Chinese currency joins the U.S. dollar, the euro, the British pound and Japan's yen, which are all currently permissible as collateral on the LME's platform.
Saks Fifth Avenue:
$20 off sitewide + free shipping - Saks Fifth Avenue promo code
Ballard Designs:
Sign up for email and receive 20% off at Ballard Designs
State Department Issues Warning for Travelers Going to Cancún