China Seeks to Dethrone the Dollar, Transforming the Yuan into the Dominant Global Currency By Keith Fitz-Gerald
Money Morning/The Money Map Report
China has taken yet another step to transform the yuan into the dominant global currency, a long-term initiative that could ultimately dethrone the dollar as the world's top unit of exchange.
In the last four months alone, China has signed currency swap agreements worth more than $95 billion (650 yuan) with an array of nations - including: Argentina, Brazil, South Korea, Indonesia, Malaysia, Belarus and Hong Kong - that are only too glad to move away from the increasingly shaky U.S. dollar.
For Westerners who are struggling to come to terms with the notion of a disarrayed dollar, the thought of gold or other commodities being priced in yuan instead of dollars has to seem about as likely as having another country put a man on the moon...
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