China has kick-started a major plan to internationalise the renminbi and the process is likely to be faster than many expect, according to HSBC.
If successful, this could lead to nearly $2,000bn in annual trade flows, or as much as 50 per cent of China's total, being settled in renminbi each year by 2012, compared with less than 10 per cent today.
The move follows repeated calls by China for the world to adopt a supranational currency to replace the dollar.
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