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Rise of China’s Yuan Could Shorten Reach of U.S. Investigators
By Colby Adams
printThe growing use of China's currency to conduct international trade payments could weaken the potency of U.S. efforts to promote anti-money laundering practices and impose financial sanctions, say analysts. While the yuan, or renminbi (RMB), is used in less than one percent of all trade payments globally, the currency is three times more likely to be the preferred means of exchange than it was a little over a year ago, according to figures released April 25 by the Society for Worldwide Interbank Financial Telecommunication (Swift). From February to March, RMB payments rose in aggregate value by almost 33 percent, in...
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