US DOLLAR DEATH BY A THOUSAND CUTS CONTINUES
NOVEMBER 20, 2012
The dollar’s days as the global reserve currency are numbered as the Peterson Institute for International Economics reports in its latest research that China has moved much closer to its long-term goal to make the renminbi the global reserve currency.
Asian economies turn to yuan
A “renminbi bloc” has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China’s successful bid to internationalize its currency, a research report has said.
The Peterson Institute for International Economics, or PIIE, said in its latest research that China has moved closer to its long-term goal for the renminbi to become a global reserve currency.
Since the global financial crisis, the report said, more and more nations, especially emerging economies, see the yuan as the main reference currency when setting their exchange rate.