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Is it true Chinese yuan preparing to overtake the US dollar as the world's reserve currency by 2010?

By kool Asked Aug 16 2009 3:23AM
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by JanZizka on Aug 16, 2009 at 3:28 am Permalink

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Would not surprise me. China recently went from sort of hinting they wanted a new reserve currency to openly calling for it. It also bears noting they recently increased their gold reserves by about 75% which is a good indicator of lack of confidence in the reserve currency. Russia, Brazil, and other economic competitors and major holders of US debt are also calling for a new reserve currency. Right now the yuan looks a good bit more stable than the dollar due to our record deficit, printing money that we have no backing for, and monetizing debt.
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