Walter Parker Group’s Closer Look At China’s Economy

http://www.your-story.org/walter-parker-group’s-closer-look-at-china’s-economy-233259/


China’s Economy: China ran its first monthly trade deficit in six years in March.
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With imports of commodities surging in February, China swung to a trade deficit of $7.24 billion in March from a surplus of $7.61 billion in February. The cumulative trade surplus for the first quarter of 2010 was down 77% from a year earlier, to $14.49 billion.
In a parallel move, which will have a far reaching impact on the yuan is that China is encouraging exporters to invoice in the renminbi and is setting up systems to allow trade payments in renminbi.
Walter Parker Group’s Closer Look At China’s Economy: New trade corridors may soon require new means of payment. When the Chinese and Brazilian Presidents met last year they agreed to use their own currencies to settle more of their bilateral trade, rather than invoicing in dollars.
Hong Kong is the main beneficiary of this policy as the renminbi gains acceptance abroad. It has the natural advantage of a renminbi deposit base, well-established trade links with China and a head-start in developing
renminbi financial products.