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CHINA RMB GAINS RESERVE STATUS – IMF Approves China Yuan as a Main World Reserve Currency
The International Monetary Fund’s addition of the Chinese yuan to its reserve currency basket this week was a political decision, the author of The Coming Collapse of China
IMF chief Christine Lagarde and the United States had supported the yuan’s inclusion in the basket, known as Special Drawing Rights. The basket determines the currency mix that countries like Greece receive when the IMF disburses financial aid. The decision to add the yuan will likely increase demand for the currency. The move will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. Just four other currencies — the dollar, the euro, the pound and the yen — have the I.M.F. designation. The Chinese do not plan to live in a world dominated by the U.S. dollar for much longer. China RMB “China RMB” currency forex “forex trading” trade economy money cash wealth Chinese 2015 2016 future gold silver “gold bullion” “silver bullion” elite GBP USD “U.S. Dollar” “united states” usa america power control collapse “silver coin” apmex “stock market” yuan “bank of china” bank banking savings “bank account” millionaire billionaire “jim rogers” “elite nwo agenda” marc faber alex jones infowars gerald celente jsnip4 demcad montagraph world new world order bankers gold backed currency silver backed currency coin bars unboxing perth mint royal mint u.s. mint supply rawdogletard Chinese leaders have been calling for the U.S. dollar to be replaced as the primary global reserve currency have assumed that the Chinese simply wanted some new international currency to be created. But what if that is not what the Chinese had in mind? What if they have always wanted their own currency to become the single most dominant currency on the entire planet?
IMF sovereign backstop, as Zero Hedge described two weeks ago in China Prepares To Bailout Russia when we noted that a PBOC swap-line was meant to reduce the role of the US dollar if China and Russia need to help each other overcome a liquidity squeeze, something we first noted over two months ago in “China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin.”
Fed hike, China’s massive UST dumping, an EM meltdown precipitating FX reserve drawdowns, illiquid markets for the same assets everyone is dumping, hemorrhaging petrostate budgets monetary easing, be it QE4 QE infinity or perhaps even the long-overdue and much anticipated Friedmanesque “helicopter money” episode.