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Hosea 4:6 My people are destroyed for lack of knowledge…

Yuan Deposes Dollar on China Border in Sign of Future (Update1)

Posted by truthpills on 2009/07/11

By Bloomberg News

July 8 (Bloomberg) — Huang Xinyuan, who sells mining equipment and pesticides to customers across China’s border with Vietnam, says he no longer wants payment in U.S. dollars and prefers the yuan.

Sales using the greenback at Guangxi Jinbei Group, where Huang is vice president, dropped to 30 percent of contracts in 2008 from 87 percent in 2007. The yuan, which has gained 21 percent since it was allowed to strengthen against the dollar starting in 2005, offers greater stability, he said.

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