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by kool on August 16th, 2009

kool

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

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  • by JanZizka on August 16th, 2009

    JanZizka

    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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