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Russia says yuan could be reserve currency in decade
Are we seeing the beginning of the end of the American empire?
George W. Bush was the architect but Obama is the catalyst.
Last edited by mikey; 06-06-2009 at 09:49 AM..
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This will happen maybe several years after China opens up its currency, which it has yet to do
I think you underestimate the speed at which these things can happen. All it really takes is a touch of the keypad. China will open it's currency the second it decides to...it could be tomorrow. World domination without firing a shot. Too bad we didn't think of that.
Seriously, though. They are in no hurry to do anything - never have been. They see history and the future on a scale of thousands of years unlike us, who freak out when the Dow drops 100 pts in an hour. They might as well wait until the rest of the world completely implodes and their currency will be the de-facto reserve by default.
All the current conversations have been about replacing the dollar with an international basket of currencies. I think the above comments are correct, that a market-denominated Yuan without state support would be much less scary to use as a reserve currency.