Home | Chinese Ad of Yuan As New World Reserve Currency Frenzies USA
Chinese Ad of Yuan As New World Reserve Currency Frenzies USA
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In Thailand, China has recently erected a curious billboard. The words on the billboard announce a new “world currency” that is called Renminbi. The US dollar is nearing the end of its global power and dominance.
Renminbi’s trading hubs have appeared all over the world, from Singapore to London to Luxembourg to Frankfurt to Toronto, Pravda.Ru reports.
Transnational corporations, McDonald’s for example, issue bonds in renminbi. Sovereign governments, including the UK, issue debt denominated in renminbi.
The renminbi is the official currency of the People’s Republic of China. The name literally means “people’s currency.” The yuan is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts.
A historic look at dominant reserve currencies shows that reserve currencies run in cycles that last somewhere between 80 and 110 years per cycle. The US Dollar has held it’s status of a reserve currency since 1921, bringing it to a 94 year streak, indicating that the United States Dollar has almost run its course.
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