Source Pravda.Ru

What will happen to US dollar if Chinese yuan becomes global reserve currency?

 

According to a recent statement from the International Monetary Fund, the Chinese national currency, yuan, is "no longer undervalued." 

The yuan, also known as the renminbi, has been a source of countless disputes for many years already. China's largest trade partners, including the United States, have been accusing Beijing of giving Chinese exporters an unfair competitive advantage by keeping the yuan value artificially low, Pravda.Ru reports. 

"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.

The news takes China a lot closer to the moment when it enters the basket of IMF's reserve currencies. When it happens, the Americans will have to get accustomed to new financial norms. 

The US petrodollar has been losing its potency as the world reserve currency hegemony. Yuan's new status of a world reserve currency will trigger a large shift in the global balance of power

Pravda.Ru 

Source: GeorgiaTimes.info

Read full article here 

 

Read article on the Russian page of Pravda.Ru

 

 

Comments
How Russia can respond to Israel following Ilyushin Il20 shootdown
MiG-31 supersonic fighter jet crashes in Central Russia, pilots eject
MiG-31 supersonic fighter jet crashes in Central Russia, pilots eject
MiG-31 supersonic fighter jet crashes in Central Russia, pilots eject
MiG-31 supersonic fighter jet crashes in Central Russia, pilots eject
How Russia can respond to Israel following Ilyushin Il20 shootdown
How Russia can respond to Israel following Ilyushin Il20 shootdown
53 million Russians may lose their jobs within a few years
Trump sows death in Gaza Strip as US to celebrate opening embassy in Jerusalem
53 million Russians may lose their jobs within a few years
Trump sows death in Gaza Strip as US to celebrate opening embassy in Jerusalem
The Globalization of the Law: A chimera
How Russia can respond to Israel following Ilyushin Il20 shootdown
How Russia can respond to Israel following Ilyushin Il20 shootdown
How Russia can respond to Israel following Ilyushin Il20 shootdown
How Russia can respond to Israel following Ilyushin Il20 shootdown
Russia sees Israel as enemy after Il-20 shootdown
53 million Russians may lose their jobs within a few years
Russia sees Israel as enemy after Il-20 shootdown
Russia sees Israel as enemy after Il-20 shootdown
53 million Russians may lose their jobs within a few years