This is not a good sign
From the UK
Financial Times:
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 dollar for trade deals with China.
HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other financial incentives to companies that choose to settle trade in the Chinese currency.
This move is a huge vote of no-confidence for the United States -- it says that the worlds financial institutions think that the Chinese currency will be more stable than the currency of the United States.
Let's hope they have the grace to switch back after 2012...
Posted by DaveH at August 26, 2010 7:11 PM