The news was announced today by Chancellor of the Exchequer, the Right Honourable George Osborne MP, at the first
Among the first export credit agencies to adopt the currency, the move by UKEF enables it to provide medium and long-term guarantees to support RMB-denominated transactions in any sector. RMB is now the second most used currency in trade finance after the US dollar, and one of the 10 most used currencies for payments worldwide.
UKEF expects renminbi transactions initially to fall within the aerospace industry. They will help British exporters such as
Most Popular Stories
- California King Fire Roars Out of Control
- Mercedes Rolls Out S550 Plug-in Hybrid
- Is Alibaba's IPO Price a Fairytale?
- Kardashian: Kanye Never Told Fan in Wheelchair to Stand Up
- CalPERS Pulls Out of Hedge Funds
- Poverty Rate Drops for First Time Since 2006
- Two-thirds of Hispanics Doubt Media Accuracy
- U.S. Tobacco Growers Lose Last of Price Supports
- Trump Plaza Folds in Atlantic City
- Cedeno Named USHCC Businessman of the Year