China Internationalizes Yuan with Russia and Moves Away from US Dependence

China’s Central bank says the world will continue to move away from US Currency Dependance

Bank of China has opened trading in the Chinese currency to customers in the U.S., The move is the latest by China to allow the yuan to become an international currency that can be used for trade and investment.

“The exchange indicates the strengthening of the Chinese economy and its currency. Internationalizing currency is a trend that will only continue, not cease,” said Benjamin Wey, a US-China business and trade relations expert. Ben overseas operations in both China and the US as the President of New York Global Group, a US-China investment firm located in Beijing and New York.

His full bio:

Mr. Benjamin Wey is a Wall Street expert on China and U.S. – China trade relations. He is the current President of New York Global Group (“NYGG”), one of the largest Wall Street middle market advisory firms specialized in China related transactions in the areas of corporate finance, private equity investments, China due diligence and strategic consulting. Headquartered in New York City and Beijing, NYGG has more than 80 professionals, 16 years of China transaction experience supported by a large bilingual local Chinese staff, and access to more than US$500 million of investment capital. Since 1998, NYGG has advised and participated in over 200 China-related transactions and has helped raise approximately US$2 billion for China-based, highly profitable growth companies through global capital markets. In 2006, NYGG was named “The Best Foreign Investment Banking Firm Serving China’s Middle Markets” by China Securities Daily.

A bilingual Chinese American, Mr. Wey has advised many public and private institutions worldwide on deals and projects related to global capital markets and strategic development. Possessing extensive international business experience, a broad global network and in-depth cultural familiarity, Mr. Wey is a leading U.S. based advisor for companies interested in accessing the Chinese markets and for Chinese companies seeking entree to the global markets.

Mr. Benjamin Wey came to the United States as a teenager on a Valedictorian and full academic scholarship. He received a Bachelor’s degree in Business Management and an MBA in Finance. Mr. Wey is a Visiting Professor of Finance at two top Chinese universities – China University of Petroleum and Shanghai University of Finance and Economics. He is a member of the Board of Directors at the Cardigan Mountain School – a leading New Hampshire based private boarding school founded in 1945. Mr. Wey is the current Executive Director of China Investment Association, an affiliated entity of China’s National Development and Reform Commission (NDRC). He is also Senior Economic Advisor to several Chinese cities.

Dedicated to philanthropic efforts, in 2006, Mr. Benjamin Wey was awarded the golden key to the city of Suning in China’s Hebei Province for his leadership in the establishment of an elementary school benefiting poor farm children and orphans. Mr. Wey is frequently quoted in top-tier media and is a regular speaker at various international events.

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