More nations turn to Chinese currency for investment and trade settlement

Although the money markets have gone into a tizzy recently, there have been some unrelated developments that clearly underscore the growing global influence of China's currency, the yuan also known as renminbi.

Indications that the yuan is well on its way to becoming an "international" currency heightened after important currency trading centers such as Paris, Luxembourg, Frankfurt, Sydney and Dubai expressed interest in becoming offshore yuan-trading centers. Major money markets, including Hong Kong, Taipei, Singapore and London, are already part of the lucrative offshore yuan-trading club.