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Can China Do Without the U.S. Dollar?

Posted on July 02, 2009

China s announcement overnight that it will allow companies to settle international trade claims in yuan shows how serious the Chinese authorities are about building a local currency market. Bloomberg reports, July 2 (Bloomberg) China will allow companies to use the yuan to settle cross-border trade and let them keep their entitlement to export tax rebates, seeking to reduce the reliance of importers and exporters on the U.S. dollar....

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china , chinese , currency , tax , yuan