Renminbi’s new status and its implications
December 6, 2015
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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.