RMB as an international currency has taken a new step

RMB exchange rate still under strict government control. Bank of China, this decision is to allow the yuan to become a can be used for trade, investment, international currency and the latest step taken.
Li Xiaojing, general manager of the New York branch of Bank of China said in an interview, we are for the yuan fully convertible on the day to prepare. He said the branch's goal is to become America's RMB clearing center. Before last year in China under strict capital controls, mainly limited to the sale of RMB in China. However, China in July opened the renminbi in Hong Kong trading, since then, daily trading volume has expanded from zero to 4 million.
This time when the Bank of China, the United States is pressuring China to allow yuan appreciation required. U.S. trade deficit with China has expanded its unfair to blame the RMB valuation. However, in preparation for the convertible also reflects the strength of China, because the country has become the world's second largest economy, China recognizes that, as a global power, it must have international currency. Over time, the RMB to trade on a global scale is expected to become the U.S. dollar, the euro and the yen equivalent stored value instruments.