Allied Wallet has announced its ability to settle purchases in the Chinese Yuan currency.

China may be the world's fastest growing economy but its central bank official says it is not yet time to internationalize the country's currency. We should be very cautious in discussing internationalization of the country's currency, Guo Qingping, assistant governor of the People's Bank of China, told a domestic briefing on the Group of 20 summit next week in Pittsburgh, China Daily reported. He said China's economy is still small compared to the United States and its currency exchange is still highly regulated. Market forces, not our own urging, will determine whether the currency will be internationalized, Guo said.

A former International Trade Commission economist said the U.S. Federal Reserve Bank should focus on China's behavior with regard to oil and currency markets.

By Christina Soon and Daniel Kruger China, under pressure from the United States and Europe to let the yuan strengthen, is starting to hear the same advice from its own currency experts.

China set the value of its yuan against the dollar at 7.9982 Monday, breaking the 8.000 barrier for the first time, Xinhua reported. The state-owned People's Bank of China announced the yuan's daily benchmark, or central parity, at 7.9982 against the dollar. On Friday, the rate was 8.0082.