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Beijing would like to see the currency become an alternative to the dollar, although tight capital controls limit its circulation overseas. "It's clear that there's scope for substantial expansion of the renminbi market in coming years," said Osborne, who was speaking at a financial conference. He said that in June 2011, China's share of world trade was 11 percent but the yuan's share of global foreign exchange trading last year was only 0.9 percent. China has begun allowing companies to use yuan to settle international transactions. It has also signed currency swap deals recently with Pakistan, Thailand, South Korea and some other countries. Such deals would reduce costs for Chinese traders and might also increase the appeal of Chinese goods for foreign buyers with yuan to spend.
[Associated
Press;
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