Now here is news worthy of raising an eyebrow or two: China’s Yuan has now become the 3rd most traded currency on EBS’ Platform, thus surpassing such notable currency pairs as the USD/CHF and EUR/JPY. According to EBS, demand for the Yuan or Reminbi has increased 50% year-over-year.
My guess is that such a trend, especially if sustainable, makes it all the more pressing for the IMF (International Monetary Fund) to include the Yuan in its benchmark currency basket. Oh! Did I also mention that some onshore banks are extending trading hours to capture some of this surging interest in the Yuan.