The People’s Bank of China and the European Central Bank have reached a three-year agreement to exchange up to $60.8 billion in currency reserves. This move is part of a Chinese plan to establish the yuan as a currency for international financial transactions. China’s eventual plan is for the yuan to become a rival reserve currency to the U.S. dollar. “Banks in the euro zone and France will henceforth have the security they need to develop their activities in renminbi over the long term,” Bank of France Governor Christian Noyer said.
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