April 12 (Bloomberg)--Asian central banks want to diversify their foreign exchange reserves increasing in yuan-denominated debt issued by the Government of China, according to Bangko Sentral ng Pilipinas Governor Amando Tetangco.
Tetangco, who met with the people's Bank of China in an economic road show, said Asian central banks have agreed to "group of new avenues for diversification," according to an e - mail of the Philippine Finance Department. "Given, however, the traditional investment constraints of central banks, I suggest that the Chinese Government may consider issuing bonds denominated in yuan," he was quoted saying.Prime Minister Wen Jiabao seeks to promote the use of the Renminbi as an alternative to the dollar in world trade and investment, while avoiding a build-up of speculative capital. Border in the yuan transactions totalled 58.7 billion in 2010, that is 13 times the amount a year earlier, the Xinhua News Agency reported on 1 April, citing the State Administration of Foreign Exchange.Tetangco "comments are revolutionary since it is the first time that a regional Central Bank openly stated intent to emerging from Asia to diversify foreign currency themselves." reserve assets in yuan, "said Dariusz Kowalczyk, an economist based in Hong Kong to Credit Agricole IPC." "This is a coup for China, which has worked hard to internationalize its currency."More low DollarThe yuan dragged 0.1% to 6.5448 per dollar as of 13 hours in Shanghai, extending yesterday of a maximum of 17 years of 6.5350 reached retirement on April 8, according to the system of exchange of China changes. He strengthened 0.8 percent this year, while the Dollar Index, a gauge of strength of the greenback, dropped by 4.9% and yesterday recorded its closest because banks 2009.Central of December in Hong Kong and the Thailand have won approval to invest in the bond market inter-bank of the China this year.Hong Kong Monetary Authority can invest up to 15 billion yuan, Chief Executive Norman Chan said on January 26. The Bank of Thailand can buy as much as 200 million yuan of debt denominated in foreign currency in China and will use its own assets rather than change the nation reserves to finance purchases, President Chatumongol Sonakul said February 24.Malaysiawhich has imposed capital controls, after the Asian financial crisis of 1998 see the increasing use of the yuan in trade with China, while keeping the dollar as its key reserve currency, Prime Minister Najib Razak said in an interview in March. The country has facilitated a settlement August last to enable exporters and import to use the ringgit and other currencies to settle their trade with foreign companies.Bursa Malaysia derivatives Bhd, which defines the global reference point for crude palm oil, has begun accepting yuan as collateral for the margin of negotiations in November.-Publishers: James Regan, Sandy Hendry
To contact the reporter on this story: Karl Lester Mr. Yap in Manila to kyap5@bloomberg.net Li administration in Hong Kong to the fli59@bloomberg.net
To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net
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