Chinese Yuan May Become World Currency After IMF ‘Approval’
The rise of the Chinese yuan as a world currency has no more obstacles as it is now considered „no longer undervalued” by the International Monetary Fund, DWN reported.
According to an evaluation of the Bank for International Settlements, the real effective exchange rate of the yuan has risen in the last five years by 33 percent.
The IMF declaration is a surprising blow to the dollar as the yuan now can become a likely part of the IMF’s currency basket. With this move, China would be closer to its goal: to establish the yuan as a world currency and, thus, to break the dominance of the dollar in the long run.
http://sputniknews.com/asia/20150527/1022608707.html#ixzz3bSSFzyYjP2
