China is working to make the Yuan the international currency of trade, by approving international hubs where its currency can be exchanged/converted directly into the Yuan as opposed to first converting a States’ currency into the U.S. Dollar. Currency hubs are now located in such places as Australia, Hong Kong, Taipei, Singapore, Paris, Seoul, London and Frankfurt.
This summer, China spearheaded an agreement with Brazil, Russia, India and South Africa (known collectively as the “BRICS” countries) to create financial mechanisms that would challenge the International Monetary Fund (IMF) and as CNN’s Commentor Fareed Zakaria said no “these are worrying signs . . . because Beijing’s efforts will surely succeed. http://wapo.st/1EI46jP. As I mentioned, […]