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Chinese Yuan Years From Eclipsing Dollar

November 21, 2011 by  

Chinese Yuan Years From Eclipsing Dollar

The noticeable shift of Western Economic power to the East could be complete by the end of the next decade with the Chinese yuan taking over the U.S. dollar as the principal world reserve currency, some experts say.

Since 2009, according to Shanghai Daily, Chinese officials have been promoting the yuan — also called renminbi (RMB) — outside its borders as a way to settle trade agreements. The result of this push has been a buildup of deposits in Hong Kong creating a thriving yuan bond market.

As China works to make the yuan more desirable to international investors, its strict domestic capital controls appear to be its biggest hurdle in economically eclipsing the United States. But many economic experts believe that China will gradually change its domestic economic policy over the next few years to draw investors. Alicia Garcia-Herrero, chief emerging markets economist at Spanish bank BBVA in Hong Kong, said that China could make the yuan appear more desirable than the dollar in as few as five years by just slightly altering its domestic economic policy.

Arvind Subramanian, a senior fellow at the Peterson Institute for International Economics, a Washington think tank, believes that as economic power shifts, China’s dominance by 2030 will be similar to the international economic dominance enjoyed by the United States in the 1970s.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • adam mickiewich

    yes Chine is governed by a technocrats with a long term vision and goals and the us is by at hook and greed, you could seethe results

  • http://personallibertydigest Lyle McDaniell

    Thanks to the oneworlders

  • http://naver sook young

    This is possible, but it would take a long time and they would have to convice the world of their stability. Thank you.

    Sook Young
    Wife of the Samurai

  • http://kgshaw12345@yahoo.com&Twitter Kenneth G. Shaw

    I thought that I would never see the day when Red China is more free, then the U. S. A., but they’ve at least economic freedom,- unfettered Capitalism, if not political & personal freedom, which if you achieve the first, economic freedom,- money in the bank, then you’ll have freedom!!!!!! It’s like what Dennis Hopper said in Easy Rider, “What’s wrong with that; make some bread & then retired to Florida; that’s what America is all about,- FREEDOM!!! But, with these Socialists in charge of all 3 branches of Government, plus at the Local & State level, We don’t even have economic freedom!!! & We never had political & personal freedom & this started way before Obama & News Week declared us all Socialists now!!! & WE NEVER WILL!!! I found this out at Christmas, when the Trimble Co. School Board shoved me out the lobby doors of Trimble Co. High on 11-10-1980, had the Northern Ky. Comprehensive “Care” Center in Covington, Ky. beat the crap out of me & when that entire 2nd floor staff got off of top of me, every kid in there, also, witnessed where I asked to go to court, only to have that guy, Dennis Walsh, come back within days & shoved a forged court order under mine & 3 of these kids noses, where they even impersonated a doctor on a forged court order, so they could forced me to do ink blot Personality Tests, again. I still’ve this forged court order & I still come out looking very nice & the same on Personality Tests!!! I’ve NOT changed, since Christmas in my Senior Yr. & since I was 18!!!!!! & I’ve been getting Social Security Disability, since I was 24, because of this Medical I.D. Theft!!!!!! & chicks dig these Personality Tests!!!!!!

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