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China’s yuan ‘set to usurp US dollar’ as world’s reserve currency

Posted By admin On May 15, 2009 @ 11:00 am In Money Watch | Comments Disabled

James Quinn
London Telegraph [1]
Friday, May 15, 2009

The Chinese yuan is preparing to overtake the US dollar as the world’s reserve currency, economist Nouriel Roubini has warned.

Professor Roubini, of New York University’s Stern business school, believes that while such a major change is some way off, the Chinese government is laying the ground for the yuan’s ascendance.

Known as “Dr Doom” for his negative stance, Prof Roubini argues that China is better placed than the US to provide a reserve currency for the 21st century because it has a large current account surplus, focused government and few of the economic worries the US faces.

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Chinas yuan set to usurp US dollar as worlds reserve currency obama 340x169 [2]

In a column in the New York Times, Prof Roubini warns that with the proposal for a new international reserve currency via the International Monetary Fund, Beijing has already begun to take steps to usurp the greenback.

China will soon want to see the yuan included in the International Monetary Fund’s special drawing rights “basket”, he warns, as well as seeing it “used as a means of payment in bilateral trade.”


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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5325805/Chinas-yuan-set-to-usurp-US-dollar-as-worlds-reserve-currency.html

[2] Image: http://www.prisonplanet.tv/

[3] China To Challenge US Dollar Reserve Currency Status: http://www.prisonplanet.com/china-to-challenge-us-dollar-reserve-currency-status.html

[4] Does China Plan To Back The Yuan With Gold And Make It The Primary Global Reserve Currency?: http://www.prisonplanet.com/does-china-plan-to-back-the-yuan-with-gold-and-make-it-the-primary-global-reserve-currency.html

[5] Chinese President: Forget The Dollar, Yuan Will Be Global Currency: http://www.prisonplanet.com/chinese-president-forget-the-dollar-yuan-will-be-global-currency.html

[6] Geithner Delays Currency Report, Urges Flexible Yuan for China: http://www.prisonplanet.com/geithner-delays-currency-report-urges-flexible-yuan-for-china.html

[7] Yuan Climbs to 17-Year High Against the Dollar: http://www.prisonplanet.com/yuan-climbs-to-17-year-high-against-the-dollar.html

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