Hopes are high for renminbi globalization

Dianchi summit: The July 27 Dianchi summit for financial cooperation unveiled a renminbi currency settlement center designed to faciliate foreign trade. Yunnan province, less than 1,000 km from the Indian Ocean, was cited as a key location for establishing cross border transport. Officials hope Kunming, site of the summit, can become a commodity distribution center and prime investment destination. Leaders at the forum discussed hopes for cross border trade payments in renminbi, part of China's push to internationalize its currency. Forum attendees included media and government bank representatives, as well as business leaders and academics.The event was named after Dianchi lake, a well known tourist resort in Kunming. Photo provided to China Daily