CHICAGO, Feb. 25, 2013 /PRNewswire/ -- As China's economy becomes increasingly integrated with the rest of the world, it is a natural trend for its currency, the renminbi (RMB), to be more widely used in trade and investment. However, RMB in China has traditionally been a closed market with strict capital controls where currencies could not be delivered offshore. That has changed in recent years. In 2010, China launched a pilot program for RMB trade settlement through banks in Hong Kong. The Chinese government has a publicly stated ambition of internationalizing the RMB and putting RMB on track to be one of the world's reserve currencies. The introduction of off shore renminbi (CNH) is one of the major steps taken by the Chinese government in this direction.
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