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Saturday, 26 November 2011

Continued erosion of US dollar’s global reserve currency status

China will now permit trading of the yuan against the Australian and Canadian dollars.  This reconfirms the continuing gradual erosion of the US dollar’s status as the global reserve currency.  That will simplify trade between China and those nations, reduce the need for US dollars, and increase yuan usage outside mainland China.  China already permits the yuan to be traded against the US dollar, euro, sterling, yen, Hong Kong dollar, Malaysian ringgit and Russian rouble.

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