The International Monetary Fund is expected to a new reserve currency alternative to the US Dollar.
The dollar’s role as the world’s primary reserve currency helps all of us Americans by keeping interest rates low. Foreign countries buy United States Treasury debt not just as an investment, but because dollar-denominated assets are the best way to hold foreign exchange reserves.
And on Oct 20th of this year, the IMF is expected to announce a reserve currency alternative to the U.S. dollar, which will send hundreds of billions of dollars moving around the world, literally overnight.
As China moves up the economic pecking order, it has been trying to promote the yuan as an alternative to the U.S. dollar, which has been the dominant global reserve currency since the 1944 Bretton Woods conference.
Currently, China represents around 11 percent of global gross domestic product, more than 10 percent of world trade and nearly 9 percent of total foreign direct investment.
China may have prompted some interest in the subject: “. . . it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” wrote Liu Chang for China’s official news agency Xinhua.
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