French minister in China pushes Paris as yuan hub

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Associated Press

Posted on November 26, 2013 at 6:01 AM

Updated Tuesday, Nov 26 at 6:01 AM

BEIJING (AP) — France's finance minister is pushing Paris as a European hub for trading of China's currency at the first high-level economic dialogue between the two countries.

Pierre Moscovici says he emphasized the role France could play in making the yuan a widely used currency around the world.

He said: "We will see some progress in that direction in the coming weeks and months."

London, Hong Kong and Singapore are also vying to be centers for yuan trading.

Chinese Vice Finance Minister Zhu Guangyao said at a separate news conference Tuesday that "China holds an open attitude toward the issue."

The economic dialogue covered global governance, fiscal and financial cooperation, trade and investment.

The two countries signed an agreement to avoid double taxation and prevent tax evasion.

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