1:25 pm - Thursday April 24, 2014

South Africa wants the Renminbi Becomes an International Reserve Currency

Renminbi Note

The South African government will support China as the Renminbi to become an international reserve currency as we approach the summit of BRICS in India, reported Sunday a South African newspaper.

The South African government will take steps at the top of BRICS to challenge the supremacy of the U.S. dollar in the global financial system, including through trade and investment in emerging markets, reported the South African newspaper City Press.

At least 100 billion U.S. dollars in bilateral trade between China and Africa will be replaced by the Renminbi by 2015, far more than the total trade in 2010, according to the report of the bank.

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