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In The News |
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Comment from UTT:
The days of the USA leading the world as the top dog in reference to the global currency standard is behind us. Could this be something to do with the state of the disastrous economy brought on by eight years of excessive borrowing from China?
September 28 - China’s Ambitious Plan to Make the Yuan the World’s Go-To Currency
Article: One World Government
China’s long-held desire to provide an alternative to the U.S. dollar will get a boost on October 1, when the yuan enters the International Monetary Fund’s basket of reserve currencies, placing it alongside the pound, euro, yen and dollar. The yuan’s ascent is a validation of the importance of the world’s second-biggest economy and the work policy makers have done to allow freer access to the nation’s markets. Still, there’s a long way to go. While China’s the biggest trading nation, the yuan is barely used in world markets. Even in U.S.-China trade, just 2.4 percent of all payments by value were conducted in yuan.
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