Academic

CHANGE: Banks back switch to renminbi for trade. ?A number of the world?s biggest banks have lau?

By Glenn Reynolds

CHANGE: Banks back switch to renminbi for trade. “A number of the world?s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China. HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other financial incentives to companies that choose to settle trade in the Chinese currency.” This does not strike me as a declaration of faith in the managers of the U.S. economy.

Full post as published by Instapundit.com on August 27, 2010 (boomark / email).