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Chinese Yuan now one of elite currencies by IMF


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The International Monetary Fund welcomed China's yuan into its elite reserve currency basket on Monday, recognizing the ascendance of the Asian power in the global economy.



The yuan, also known as the renminbi, will join the US dollar, euro, Japanese yen and British pound next year in the basket of currencies the IMF uses as an international reserve asset.


IMF Managing Director Christine Lagarde called the decision "an important milestone in the integration of the Chinese economy into the global financial system."


"It is also a recognition of the progress that the Chinese authorities have made in the past years in reforming China's monetary and financial systems."


The decision by the IMF executive board solidifies China's ambition to see the government-controlled yuan achieve global status as one of the world's top currencies alongside the United States, Europe and Japan.


China, the world's second-largest economy, asked last year for the yuan to be added to the Fund's Special Drawing Rights basket.


But, while already meeting the SDR criteria for being widely used, as recently as August the Fund considered the currency too tightly controlled to qualify.


However, IMF staff experts in early November said that Beijing had taken the steps necessary for the yuan to be called "freely usable", opening the way for Monday's decision.


Lagarde said the yuan's inclusion in the basket was expected to help China open up further to the world economy.


(full article)


http://news.yahoo.com/imf-approves-chinas-yuan-elite-currency-171229011--finance.html


What does this mean to all of us? I don't know but it is another step to becoming a world power for China.


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What does this mean to all of us? I don't know but it is another step to becoming a world power for China.

 

You mean becoming "THE" world power

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You mean becoming "THE" world power

 

As long as the US and Russia have nuclear arsenals, China will NEVER be THE world power. Economic trends can be reversed. The US and Europe just have to pull their heads out of their asses, and stop allowing China to undercut their markets.

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As long as the US and Russia have nuclear arsenals, China will NEVER be THE world power. Economic trends can be reversed. The US and Europe just have to pull their heads out of their asses, and stop allowing China to undercut their markets.

Global competition is definitely a reality however the US and EU have created most of their own problems by their socialists give away programs to the elites and the permanent underclasses they have created as well as the never ending wars they become involed in. 

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Why are Americans so fearful of China usurping them as the most dominant country? 

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