- Prison Planet.com - http://www.prisonplanet.com -
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
London Telegraph 
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.
(ARTICLE CONTINUES BELOW)
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.”
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/chinas-yuan-set-to-usurp-us-dollar-as-worlds-reserve-currency.html
URLs in this post:
 London Telegraph: http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5325805/Chinas-yuan-set-to-usurp-US-dollar-as-worlds-reserve-currency.html
 Image: http://www.prisonplanet.tv/
 China To Challenge US Dollar Reserve Currency Status: http://www.prisonplanet.com/china-to-challenge-us-dollar-reserve-currency-status.html
 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
 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
 Geithner Delays Currency Report, Urges Flexible Yuan for China: http://www.prisonplanet.com/geithner-delays-currency-report-urges-flexible-yuan-for-china.html
 Yuan Climbs to 17-Year High Against the Dollar: http://www.prisonplanet.com/yuan-climbs-to-17-year-high-against-the-dollar.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.