“The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan. It’s the first change in the SDR’s currency composition since 1999, when the euro replaced the deutsche mark and French franc. It’s also a milestone in a decades-long ascent toward international credibility for the yuan, which was created after World War II and for years could be used only domestically in the Communist-controlled nation. The IMF reviews the composition of the basket every five years and rejected the yuan during the last review, in 2010.”
Related posts:
US Senate insists Washington prevent nuclear Iran
Honduras 'no longer functioning' after plunging over fiscal cliff
Ron Paul Discusses His New Channel And The NSA Spying Program
iPhone app tracks route of cab ride so you can see if cabby took you for a ride
President Obama and his secret executive friends
UK condemns war in Yemen while selling £4.6bn in arms to Saudi Arabia
Sen. Chambliss: 'We can't just leave event security to communities'
Texas teacher assigns 4th graders to draw suicides, explosions on 9/11
Dozens Of TSA Employees Fired, Suspended For Illegal Gambling Ring
Silicon Valley can’t keep up with Korea’s financial revolution
New street lights that can record your conversations installed in Vegas
Unanimous juries for criminal convictions? Supreme Court declines case.
Canadian gov't: Private ATMs vulnerable to money-laundering
Vegas developer selling $7.85M mansion for bitcoin
Pope Francis warns Latin America against legalizing drugs