China’s Attack on Dollar: Silent Revolution in the World of Currencies?

Sunday, February 14, 2016
By Paul Martin

The inclusion of the Chinese yuan in the IMF basket of reserve currencies will lead to significant shifts in the international monetary system, German newspaper Deutsche Wirtschafts Nachrichten (DWN) wrote.

The currency basket will look as follows:

US Dollar 41.73% (previously 41.9%)
Euro 30.93% (previously 37.4%)
Yuan 10.92%
Yen 8.33% (previously 9.4%)
Pound 8.09% (previously 11.3%)

The move may lead to serious upheavals in the financial system, the article said.

With a future 10.9 percent in the IMF currency basket, China will become the third important currency in the world. At the same time, the proportion of the euro will reduce from 37.4 to 30 percent, posing a real change to the currency market for the first time in 16 years.

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