China’s Strategic Aim of Dethroning the US Dollar
TheDailyCoin.com
July 30, 2016
Beijing is reviving efforts to broaden use of Special Drawing Rights to achieve longstanding strategic aim of dethroning US dollar in international monetary system
It is just one line in a foreign exchange document, but it signals a renewed seriousness.
Last week, China’s central bank started publishing the nation’s foreign exchange reserves as measured by the International Monetary Fund’s accounting unit, Special Drawing Rights.
The People’s Bank of China is also studying the feasibility of issuing SDR bonds in China.
The SDR, a weighted average of various currencies, was created half a century ago as an alternative medium to the US dollar for governments and central banks to use to hold international reserves, but it never really gained momentum.
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