From Economic Times
''Fed up with what it sees as Washington's malign neglect of the dollar,
China is busily promoting the cross-border use of its own currency, the
yuan, also known as the renminbi, in trade and investment.
The
aim is both narrowly commercial - to reduce transaction costs for
Chinese exporters and importers - and sweepingly strategic.
Displacing the dollar, Beijing says, will reduce volatility in oil and
commodity prices and belatedly erode the 'exorbitant privilege' the
United States enjoys as the issuer of the reserve currency at the heart
of a post-war international financial architecture it now sees as
hopelessly outmoded.''
read more
No comments:
Post a Comment