Posted on 11/30/2015 9:41:22 AM PST by Swordmaker
HONG KONG — The International Monetary Fund on Monday approved the Chinese renminbi as one of the world’s main central bank reserve currencies, a major acknowledgement of the country’s rising financial and economic heft.
The I.M.F. decision will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. But it also introduces new uncertainty into China’s economy and financial system, as the country was forced to relax many currency controls to meet the I.M.F. requirements.
The changes could inject volatility into the Chinese economy, since large flows of money surge into the country and recede based on its prospects. This could make it difficult for China to maintain its record of strong, steady growth, especially at at a time when it economy is already slowing.
(Excerpt) Read more at nytimes.com ...
Another goal of obamas US dollar not top currency. It seems he will get that too.
Has China started a new currency?? I thought their main currency unit was the yuan???
“Has China started a new currency?? I thought their main currency unit was the yuan???”
No, same currency; both names are used.
Same thing, different name.................
I used to use RMB in the bathroom, it was cheaper than toilet paper and easier to find.
My how things have changed
You can use the Dollar to replace your @$$ wipe.
No, same currency; both names are used
means , Rubber
At one time (pre 90s) the RMB and Yuan were different currecies. One was used for international trade only and the other only for internal use. As I recall when you traveled there you weren’t allowed to have the internal one as a non-chinese citizen. But people would buy it on the black market because you could buy local cheaper with the internal currency and the locals wanted the foriegn one to buy foreign stuff which only it could be used for in special stores - it went away before I did any real travel there. Now they’re basically the same thing, I don’t remember if they did a hand in and replace or just called them equal.
Reserve currency with Mao’s mug on it. Ain’t it a hoot?
Yep, average Joe out there probably doesn't realize that their cash just got diluted by a yet to be determined amount.
The recent jump of the long bond from 2.5% to 3.0% was based on fundamentals if you catch my drift.
Sorry, I meant was NOT based on fundamentals.
Yep. Remember when John Kerry said if congress didn’t give obama the iran deal the US dollar was going to be devalued? That for me told me it was coming sooner not later.
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