07.12.2015 - China's global currency upgrade
The International Monetary Fund's decision this week to add the yuan to the dollar, euro, yen and pound as a reserve currency was acknowledgment of China's progress toward superpower status. At the same time the designation, effective next September, will impose limits on the Communist Chinese government's economic and political maneuverability. For the world, the change should be seen as positive, although with costs and benefits. The IMF is only being realistic in its designation, given China's status already as an important world trader. By accepting its currency as "freely usable," the IMF is catching up on an evolving reality. The designation means, for example, that the yuan can be used in the disbursement and repayment of international bailouts, such as the Greek rescue...............................................Full Article: Source
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