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Is the Yuan About to Replace the Dollar as the World's Reserve Currency?

rchuang1654 Wrote: Nov 06, 2012 7:53 AM
The answer is "no." Why? Because when the "Eurodollar" market of "offshore financial centers" started up in the early 1960's, that essentially made the US dollar the world's reference standard for currencies. The yuan is not circulated around the world widely enough to be a useful currency.
scott s. Wrote: Nov 06, 2012 3:22 PM
I can see as China trade increases, dealing in Yuan can have advantages, but I think you are right that as long as the financial world is concentrated in New York and London it ain't happening.

Once again we are seeing articles and research papers stating the Chinese renminbi (yuan) is about to replace the dollar as the global reserve currency.

Here is a working paper by Arvind Subramanian and Martin Kessler at the Peterson Institute of International Economics stating The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?.

A country’s rise to economic dominance tends to be accompanied by its currency becoming a reference point, with other currencies...
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