news  articles  all
rus на русском ქართულად
Saturday, 01 October 2016

Photo
Articles

China Nears Global Reserve Status: “There Will Be a Reset of the Financial Industry”

2015-05-29 11:26

China Nears Global Reserve Status: “There Will Be a Reset of the Financial Industry”. 29915.png

The world is anticipating a new global reality with huge implications: China’s yuan is poised to get recognized as a global reserve currency.

gt-en-articleitem-300x250

In a sign of the times, the IMF has essentially rebuffed U.S. claims of currency manipulation, to instead affirm that China’s currency is “no longer undervalued” – essentially giving its approval for the inner circle what many have described as an incubating world currency.

China’s yuan currency, which Washington has long alleged was manipulated, is “no longer undervalued”, the International Monetary Fund said Tuesday.

The value of the yuan, also known as the renminbi, has been a source of tension for years, with China’s major trade partners — led by the United States — accusing Beijing of keeping it artificially low to give Chinese exporters an unfair competitive advantage, which Beijing denied.

“Our assessment now is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued,” the IMF said in a statement after a consultation mission to China. (source)

With longstanding U.S. opposition to China’s currency status, the IMF decision has been seen as the biggest hurdle to world reserve status. This news brings China one giant step closer to entry onto the global stage of currencies and new financial norms for Americans, as SHTF has long reported.

The decision underscores a larger shift in the global balance of power – there is no doubt that there are serious cracks in the foundation – as the U.S. petrodollar has lost its potency as the world reserve currency hegemony.

1
 2 3
Code for blog
Add: memori.ru vaau.ru news2.ru myweb2.search.yahoo.com slashdot.org technorati.com Magnolia Livejournal Reddit Google
Permanent link :
Рейтинг@Mail.ru
Rambler's Top100
Select spelling error with mouse and press Ctrl+Enters
Система Orphus