Last week, reports circulated that China was positioning itself to become the world’s next reserve currency, and even putting up billboards advertising the global importance of the renminbi to travelers in the Asian world.
Now, China is making public moves to make that a formal reality – a process that has been going on behind the scenes at least since the 2008 financial crisis. China’s leaders are reportedly in talks with the IMF about the process of drafting the renminbi into the Special Drawing Rights (SDR) basket of currencies, which include the U.S. dollar, the British pound, the Euro and the Japanese yen.
According to the BRICS post:
China is pushing for the International Monetary Fund to endorse the Chinese yuan as a global reserve currency alongside the dollar and euro.
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