By Jieying Ding
China has launched an aggressive campaign to internationalize the Yuan since 2008, and its initiatives have included setting up currency swap pacts with other countries and opening up parts of its capital markets. The road to becoming a big player in international trade hasn’t been smooth though, as reported by the Wall Street Journal. The overall use of Yuan by global companies has dropped five percent over the past year. The drop is largely due to a weaker Euro because European companies generally prefer a weaker Euro to an expensive Yuan. Although outside the Asia-Pacific area there’s a slightly declining in terms of future usage intent, it still shows that Yuan is becoming part of the global economy.
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