MercoPress. South Atlantic News Agency
Yuan joins the exclusive club of IMF's basket of reserve currencies
The International Monetary Fund (IMF) has announced that China's currency, the Yuan, will join the fund's basket of reserve currencies. Currently just the US dollar, the euro, the yen and the pound are in the group. Read full article
Comments
Disclaimer & comment rulesWell done! However our focus and all BRICS is to destroy the dollar as an international currency because is very leveraged without ballast endangering the world economy.
Dec 01st, 2015 - 09:31 am - Link - Report abuse 0Something else the IMF has no importance in world economies that produce and work. The only function of the IMF is to support speculators when they finish sucking the economy of a country. Example: Greece.
The speculation champions are just lazy people of 5 eyes. They do not work or produce nothing of value, only parasitize the world. And they are taking over Europe to the grave with them.
The Yuan is backed by US Treasury Bonds...
Dec 01st, 2015 - 02:10 pm - Link - Report abuse 0so there's that.
Did I miss something or have they been approved for Yuan trading with the London Market?
Dec 01st, 2015 - 05:56 pm - Link - Report abuse 0Nobody is going to risk real money on this poor relation to Monopoly Money.
Its pretty meaningless plus who knows what will happen by 3rdQ 2016.
Dec 01st, 2015 - 10:11 pm - Link - Report abuse 0Even the fake numbers coming out of China are really bad.
Not to mention the Muslim Provinces are out of control.
It shouldn't be too much longer....
Something will give
I just wonder what it will be....
.... If the Yuan wasn't backed by US Treasury Bonds ...
Dec 02nd, 2015 - 03:35 am - Link - Report abuse 0Then who would place their money on the table? Who?
That is the truth.
Many commentators are quick to forget this...
... as are many so-called 'economic experts' that happily request payment in US$ whilst spouting what-every they are told to produce...
Now that is Global.
Next... Let us talk about the wo/man on the street, in every country.
This is Global too...
We really have no say.
I have lived in/travelled to/visited many, many countries in this wonderful World of ours, and the only places where the US$ wasn't the prefered 'street currency' was where it wasn't needed.
The mainstream EU, for example.
Or Japan,
Or, Australasia/North Am etc
Maybe Singapore...
Again, If the Yuan wasn't backed by US Treasury Bonds...
Then who would place their money on the table?t
The 'street' still trades in U$, in Egypt, Cambodia, Venezuela, Zimbabwe and in many, many, many other countries...
The Global Money Markets are still looking for a 'safe bet', no matter where the 'money' is currently 'held'.
Everybody owes somebody, whether financially or politically. Huge corporations and private individuals too.
Yet the Dollar is still King.
That is the truth.
I make no judgement. Jus' sayin' like it is.
The Chinese large Chinese reserves are as mythical as their economy.
Dec 02nd, 2015 - 01:19 pm - Link - Report abuse 0They don't have enough reserves to contain what's coming.
Wait and see
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!