Trichet Says China's Yuan To Rival Euro, Dollar ...
May 3, 2012
Jean-Claude Trichet says China's yuan could probably become a major currency, as important as euro and dollar
China made one of its strongest moves yet to show that it believes the yuan is ready to become a global currency by loosening daily trading limits
Trichet says that allowing EU inflation to rise above the target of less than 2% wouldn't resolve economic woes
ST. Gallen, Switzerland, China's currency, the yuan, is likely to rival the euro and the dollar in the future, said the former president of the European Central Bank Thursday.
China is the world's second-largest economy after the U.S. and has faced heavy criticism in the past from the international community for controlling its currency at a time when many industrial economies such as the European Union and the U.S. are struggling to boost their growth prospects, partly through exports. Nearly three weeks ago, China made one of its strongest moves yet to show that it believes the yuan is ready to become a global currency by loosening daily trading limits