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Slump in rupee pushes India to seek trade settlement in yuan

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Published : November 01st, 2018
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FOLLOW : India Trade Yuan
Category : GoldWire

India is considering allowing some imports from China to be settled in yuan, people familiar with the proposal said, as the South Asian nation moves to limit its currency's loss against the dollar.

The plan would enable direct convertibility between the rupee and yuan and would help cut transaction and hedging costs, the people said, asking not to be identified. The proposal would allow Indian exports of pharmaceuticals, oilseeds, and sugar to China to be settled in rupees, while keeping out trade in high-volume products such as electronics, they said.

India-China trade is mainly settled in U.S. dollars since currencies between the two nations aren't directly convertible. By allowing Indian importers to pay for Chinese goods in yuan, India would be able to save on dollars to pay for escalating oil import costs in the face of higher crude prices and the rupee’s slump to a record low. ...

... For the remainder of the report:

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Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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