by Xinhua Writer Xu Ke

BEIJING Tanoh Kpassagnon Chiefs Jersey , Jan. 23 (Xinhua) -- The internationalization process of China's currency has made a new stride forward during the ongoing World Economic Forum annual meeting, with Beijing and Bern inking a deal to expand financial cooperation.

Under the agreement, signed Wednesday in the Swiss ski resort of Davos, China gives Switzerland an 8-billion-U.S.-dollar investment quota under its Qualified Foreign Institutional Investor program, and the two sides plan to open a Chinese bank in Zurich for future RMB clearance.

With China having become a leading economy and trading power, the RMB's cross-border settlement has been surging. Official figures show that the volume shot up from an equivalent of 580 million dollars in 2009 to 1.3 trillion dollars in the first 10 months of 2014.

A report released last November by Belgium-based global payment services company SWIFT ranked the RMB as the seventh payments currency in the world. In 2011 it ranked the 21st.

China is moving steadily along the path of RMB internationalization Armani Watts Chiefs Jersey , following a strategy described as "crossing the river by feeling the stones." So far 12 cities, including Hong Kong, London, Paris and Sydney, have officially announced the establishment of an offshore RMB center.

The benefits are clear. For Chinese banks, the process provides a strategic opportunity to follow their clients abroad and develop their international payments clearing business.

Chinese companies Dorian O'Daniel Chiefs Jersey , especially small- and medium-sized ones, can use the RMB for cross-border trade instead of a foreign currency, thus reducing its foreign exchange costs and risks.

For foreign companies, the process will facilitate their business with more Chinese enterprises, helping increase the overall size of trade, diversify their assets Derrick Nnadi Chiefs Jersey , and hedge against depreciation of one currency.

Analysts described the path of the RMB internationalization as a three-phase process: using the currency first for trade, then for investment and in the longer term as a reserve currency.

The development of the RMB in the first and second stages has grabbed the attention of the financial community worldwide, but some strategic actions are still needed to drive the internationalization process.

More liberal policies and less restrictions are needed to create more transparent and standardized frameworks for RMB payments and investments, so as to foster a more favorable regulatory environment.

Improvement of domestic financial markets also marks a crucial part in the internationalization of the RMB, which means China needs to build a more open and larger financial market with a richer variety of products.

The internationalization of a country's currency keeps pace with the same process of the country's banking system. Given that, the Chinese banks Breeland Speaks Chiefs Jersey , with five rated as the world's top 20 financial institutions, should consider how to better play their role.

The international usage of the RMB is still in its early days, but in the long run it helps diversify and improve the global reserve system, which is currently dominated by a volatile U.S. dollar.

The NetSpend prepaid card is becoming increasingly popular, as customers turn away from the traditional, unsecured cards and look for other financial options. In this article we review this and look at its advantages and disadvantages.

The first point to note is that this is not actually a credit card but instead a debit card. Customers are not being offered a line of credit Chris Conley Chiefs Jersey , but it has virtually identical uses and appearances.

Next we will look at how it works. A new customer is required to set up their account with their own money, before they can start using it. In the same way, once the funds have been exhausted, the customer has to reload before they can use it again. At no time can they go into debt. Which some individuals may find ideal, that you can only spend the funds your have previously deposited in your account.

There are several different ways you can add funds. A common method is to have your paycheck transferred directly into your account on payday, through Direct Deposit. You can also add money at a designated Reload Center Mitch Morse Chiefs Jersey , or purchase a reload pack from a retailer. Some of these locations include the local gas station, grocery store, money store… (Kroger, Kmart, CVS, 7-Eleven Chris Jones Chiefs Jersey , Walgreens…)

Once the funds are in place, you can use your card to make purchases. As it carries either the Visa or MasterCard logo, it can be used to pay for products and services at anywhere that accepts these methods of payment – literally millions of outlets worldwide. It can also be used to withdraw cash from ATM’s, subject to cleared funds being available. You can also use this to rent a car, purchase gas at the pump, book travel accommodations Travis Kelce Chiefs Jersey , reserve a hotel room… In other words it will provide you with the same purchasing power as anyone with a Major Visa or MasterCard in their pocket.

It is important to be aware that not all of these services are free of charge. The one-time purchase fee costs $7.95, there are varying re-load fees, and also charges for services such as ATM withdrawals.

There are many advantages as well though. There are no credit checks to go through, and a 100% guaranteed approval rate, subject to ID status. Spending your own money means there are no overdraft fees, interest charges or monthly payments.

Although there are many companies that now provide prepaid cards. NetSpend is a reputable company who are established in the prepaid field Justin Houston Chiefs Jersey , and their fees and charges put them firmly amongst the frontrunners. Additionally they are members of the Better Business Bureau and the money you deposit in your account is FDIC insured. In other words the US Government is guaranteeing the money you have loaded on your card (up to $250,000).

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