RTTNews - Monday, President of the European Commission, Jose Manuel Barroso reportedly said the European Union is not ready to have a single currency representation at international financial institutions.

Referring to EU member states, he told reporters in Brussels, Are they ready for a single representation of the European Union? Honestly I don't think so.

Elsewhere on Monday, China started a trial scheme for yuan trade settlement. The scheme will allow companies to settle their deals in yuan in selected areas, initially in Hong Kong and Macau outside of mainland China, and to Shanghai and Guandong province.

However, the scheme would be extended between parts of eastern China and the Asean group of countries.

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