China quietly extends its currency's global reach

China's currency swap with Argentina is the highest-profile move yet in a quiet campaign by Beijing to reduce reliance on the dollar by expanding the reach of its own tightly controlled yuan to Asia and Latin America.

The agreement emphasizes China's growing economic stature -- and anxiety about the dollar's health -- ahead of this week's G20 summit in London, where Beijing is expected to press for a bigger role in managing global finances.

Read Full Article from BusinessWeek

- Posted: 2009-03-31 07:50:08

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