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    Profile photo of c


    Profile photo of freedom

    No News in the local news media about this. The problem is that every country in the world doesn’t trust China ether and thinks it may turn out to be more evil then the U. S. Dollar. This is why only the Asians have made deals with the renminbi.

    The Europeans will not go for that ether. That is why the Europeans created the Euro.

    Profile photo of WhiteKnight

    Well, to me it’s just yet another small step in the death of the US dollar.

    Profile photo of PaulC

    This is not going to become a reality.

    What is more likely is that the US will be replaced by SDRs (an IMF currency backed by a basket of currencies). The global markets are definitely positioning themselves to be weaned off the dollar as we speak.

    China has been buying gold in high quantities. In Nov, Switzerland is voting on whether they should retain 20% of their money in gold reserves. Russia will likely (or is doing so now) position itself to not be at the mercy of the US, and the BRICS in general (and even the UK) are bypassing the dollar in country-to-country trade, using their own currencies.

    But as for China dominating currency-wise? Not likely.

    Profile photo of Roadracer

    I agree that no one trusts China to let them take over as the reserve currency. The SDR’s are a more politically palatable approach for most countries. Also the Dollar became the world’s reserve currency when the American economy was incredibly strong compared to others. China’s economy is showing signs of weakness as the US and EU economies are struggling, reducing demand for Chinese imports. Still a strong economy, but not without weaknesses it must overcome. Also the Saudi’s, etc. still want the Petrodollar.

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