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MONETARY IRONY: Renminbi Use Surges in Home of World’s Reserve Currency, the Dollar

by James Kynge, FT:

It is the monetary equivalent of what Chairman Mao called “bombarding the headquarters”. China’s renminbi is rapidly displacing the US dollar as a trading currency not only in Asia and Europe but now also in the US home market.

The value of renminbi payments between the US and the rest of the world rose by 327 per cent in April this year from the same month a year ago (see chart) as more US corporations switched to using the Chinese currency to pay for imports from China, according to data from SWIFT, the international currency settlement firm.

The reasons driving the upsurge are structural and long-term, said Debra Lodge, a managing director at HSBC in New York.

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1 comment to MONETARY IRONY: Renminbi Use Surges in Home of World’s Reserve Currency, the Dollar

  • Rodster

    More of the same. Even if the Yuan becomes world’s reserve currency and backed by Gold, which I doubt btw. It will also go the way of all previous reserve currencies throughout history that were backed by Gold.

    It will be decoupled from Gold in short order and converted to Fiat funny money as all previous Gold backed currencies have in the past.

    Seriously, can anyone trust the fucking Chinese, the same cheaters, who LIE to the hilt about their economy, who print massive amounts of cheap money in the tune of $25T within 6 years? The same Chinese who can’t find 20,000 tones each of both copper and aluminum in their warehouses? The same Chinese who build ghost cities just to keep their citizens busy so they don’t riot in the streets? The same Chinese who lie just like the US about their GDP?

    There are many individuals who look forward to the Yuan as a reserve currency but in the end it’s the “same bad movie with different actors”.

    Nothing has changed. It’s all about infinite growth thru inflation and centralized planning and currency debasement. And that’s what China wants.

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