Renminbi’s new status and its implications

The Chinese renminbi has been added to the basket of global currencies making up the International Monetary Fund’s special drawing rights (SDRs).

Stratfor notes in this article that this is the first time ever that a currency of a nation not allied with the US is included. Previously only

US dollar, the British pound, the Japanese yen & the euro were in SDR.

See article below:

The significance is tremendous and I would suggest that the US has no choice at this point but to come to an understanding at a high level with China concerning economic cooperation–and cooperation on the environment, security and many other fields as well.

One response to “Renminbi’s new status and its implications

  1. Craig December 6, 2015 at 9:21 am

    Adding to my fears that we’re passing immense amounts of power and influence to a country that is opposed to democracy, civil rights and popular government. I’ve been worried about this since I was a teenager; and the return to The Divine Right of Kings is not something I’m looking forward to.

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