Chinese are going to list 5 more European currencies including PLN and HUF

The Chinese starting from December 12th will allow banks to deal directly with Polish,Hungarian,Danish, Swedish and Norwegian currencies. It comes as the latest in the moves to internationalize the Yuan and make financial relations less “West-centered” and more multilateral.
This year Chinese Yuan has been included into currency basket of the IMF and a year ago Zimbabwe went so far as to make RMB legal tender inside the country. This contrasts with seemingly more and more difficult state of Chinese finances. Corporate debt mounted to levels perceived as a potential threat to the economy and the country is experiencing capital flight and falling reserves.
Polish zloty and most currencies of former Eastern Europe have been mostly falling against the Dollar for the past 2 years and especially after the election in the US.

Jan

Jan is the main contributor. Likes writing, politics and some things that nobody else would ever find interesting.

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