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U.S. markets recover from steep losses
BEIJING, March 7 (UPI) -- Chinese banking and business officials say they're at odds over when the yuan should become an international currency.
Some executives, such as Peter Kwong Ching Woo, chairman of Hong Kong's Wharf Holdings Ltd., says the sooner the better if China is to play a significant role in resolving the global financial crisis, Xinhua, China's state-run news agency, reported Saturday.
If the yuan were traded internationally, it could be used to settle trade payments between countries and reduce dependence on the U.S. dollar, Woo Saturday told the Second Session of the 11th National Committee of the Chinese People's Political Consultative Conference.
Others in China, however, remain cautious about rushing financial reform, including Yi Gang, a vice central bank governor, who said a fully convertible yuan could hurt China by allowing massive capital outflow during bad financial times in the future.
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