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From a practical standpoint it means that all of the <Legal> currency translations are done inside of china. You wire 100MM USD to a Chinese bank, they preform
by B4CKlash 10y ago
From a practical standpoint it means that all of the <Legal> currency translations are done inside of china. You wire 100MM USD to a Chinese bank, they preform a book transfer and deposit the equivalent into your RMB account. The bank plays a weird middleman in the transaction. Same thing happens in Brazil with the BRL (and a number of other countries).