China To Challenge US Dollar Reserve Currency Status
ECB policy makers kept the central bank’s key interest rate at a record low of 0.75 percent.
China is actively taking steps to phase out the US dollar which
will decrease volatility in oil and commodity prices and deride the
‘exorbitant privilege' the USA commands as the issuer of the reserve
currency at the centre of a post-war international financial
architecture which is now failing writes Alan Wheatley, Global Economics
Correspondent for Reuters.
China is
frustrated with what it sees as the US government’s mismanagement of the
dollar, and is now actively promoting the cross-border use of its own
currency, the yuan, or also called the renminbi, in trade and
investment.
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