Banks back switch to renminbi for trade

A number of the world's biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the USD for trade deals with China.

"We're now capable of doing renminbi settlement in many parts of the world," said Chris Lewis, HSBC's head of trade for greater China. "All the other major international banks are frantically trying to do the same thing."

I think the message you can take from this article is that China is not sitting on its hands and hoping for the U.S. to do the right thing when it comes to the value of the USD. I think they see the writing on the wall and it spells USD devaluation, so they are getting out in front of the problem.

Read the article here