12/9 스터디 - BBC 기사

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http://www.bbc.com/news/business-34961012

The Chinese yuan is going global

Mark this date in your calendars.

When you look back, you'll remember it as the day the Chinese yuan began its journey to become one of the world's most important currencies.

The International Monetary Fund (IMF) has announced that the yuan is now part of an elite basket of currencies that until now included only the US dollar, the Japanese yen, the euro and the British pound.

The yuan won't actually start being a part of the basket until September 2016 - so this move won't have any immediate impact on financial markets.

But don't kid yourself. This largely symbolic gesture is an historic one - and a sign that China is rising ever faster and further on the global financial stage.

So what does that mean for the rest of us? Well, by some accounts it's the start of a whole new world order.

Nomura Securities predicts that by 2030 the yuan will become one of the top three major international currencies - "a peer to the US dollar and the euro as the most used currencies in the world."

But all of this depends on whether China continues its financial reforms - which have been one of the main reasons behind the IMF's decision to include the yuan in this elite basket.

The IMF said the decision was "an important milestone in the integration of the Chinese economy into the global financial system" and that it would bring about "a more robust international monetary and financial system".

A whole lot more yuan

Image copyright Getty Images

Image caption Beijing sees the inclusion of the yuan as a sign of just how important China has become to the global financial system

Nomura says that although the yuan's share of trading volumes in the international currency market is still small - less than 2% relative to China's share of global gross domestic product - that its daily trading volume tripled between 2010 and 2013, from $34bn (£22.6bn) to $120bn.

That means there's a whole lot more yuan on the markets.

China has been working towards this for the last few years - and it's remarkable that their highly managed currency has been deemed fit to enter this special basket of freely traded currencies.

Beijing sees the inclusion of the yuan as a sign of just how important China has become to the global financial system.

In order to make this happen, the world's second largest economy has pushed through a number of changes in recent times - including allowing foreign investors to access its stock markets.

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아~ 오늘도 스터디군요.

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