Quote from: jaysabi on November 30, 2015, 04:14:32 PM

The IMF today is including the renminbi as a global reserve currency.

Quote

The International Monetary Fund will today usher China's renminbi into the elite club of currencies that make up the organizations basic unit of exchange. While being a component of the IMF's Special Drawing Rights move is a political plum for Beijing, it won't drive the internationalization of Chinese financial markets, which will turn on China's willingness to allow foreigners to invest in its largely insulated bond market.

The IMFs top governing body is set to approve the inclusion of the Chinese currency into the unit of exchange, which the IMF uses to track its own reserves and holdings of its members, and is sometimes used by members for their own transactions. Over the past year, Beijing had pushed strongly for the change, which nominally puts it in the same category as the U.S. dollar, the British pound, the Japanese yen, and the euro.

The near-term effects will be the increased prestige and standing of the Chinese economy and the recognition that China has become more closely integrated into the global economy, said Bill Witherell, chief global economist at Cumberland Advisors.

Source: http://www.ibtimes.com/chinas-renminbi-joining-imfs-elite-currency-club-2203365

It's a little baffling to me how a centrally manipulated currency that pegs its value to other global reserve currencies could itself become a global reserve currency, but there you have it!

Good. Something waited from me. And it will be not the end but only the beginning. The most significant example and the most crushing fact that if the Government thing for the development of the country and the best for its people cannot exist other factor which can impede to be achieved everything wanted. Even being politically totally different from the developed countries.

About thirty years ago China was a poor country without any voice in the world scene. The life there was very simple and all the Chinese people was nurtured mostly (to not tell only) with rice. But the Government of that time worked for the today's days. And China did it. Even with the story of Tien An Men in the nineties or the being a state with only one political party. China now compete only with United States. And United States are obligated to enter in discussion with China about the behavior in their specific areas of interests.

I don't think that China can be, even for more, more time, world leader as the USA are already. But that always will be a factor (and every day more) which must be considered by every country with big attention. USA included.