Nov
16

Mao Money

mao moneyGiven that the only criteria for a currency obtaining Special Drawing Right (reserve) status by the IMF are that the nation be a big exporter and the currency widely used, the decision to add the Chinese yuan to the dollar, euro, pound and yen isn’t surprising. In August, the Yuan passed the Yen to become the fourth most used currency for cross-border payments at 2.8%. The dollar is at 44.8%.

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