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Chinese Yuan as reserve currency by 2020

http://www.businessweek.com/globalbiz/content/may2009/gb20090522_665312.htm?campaign_id=rss_daily

China's afraid that the trillion $USD that they hold could become worthless if america continues to fall.

So do they
A) propose to replace the $USD with "a basket of currencies" in the IMF and world bank etc.
B) aim to make their currency freely convertable (with all the changes that would entail re: making their economy practically free market) by 2020
C) ignore america and trade with countries like Brazil without dollars
D) aim to make Shanghai a financial center on par with London and New York by 2020

E) all of the above.

Comments

thekit
May. 27th, 2009 03:36 am (UTC)
I worry america might panic. Remember that saddam was the last person to trade oil in euro.

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