Beijing Doubles Down on Establishing the Yuan’s Global Dominance!

• Beijing doubles down on establishing the yuan’s global dominance! 
  by Filip Karinja, http://www.birchgold.com/ 
  As the U.S. dollar’s reign as global reserve currency appears to be ending, are we seeing the beginning of a new dawn in the east?
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  Throughout history, global reserve currencies have proven to last for only so long. Before the United States’ currency reigned supreme, the currencies of Great Britain, France, the Netherlands, Spain and Portugal all had their day.
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  We don’t know exactly when the dollar’s run as reserve currency will end, but everywhere you look, there are seismic shifts away from the greenback.
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  For one, the number of bilateral trade agreements signed between countries is rising at an alarming rate.
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  And then there are the Chinese. Even just a few years ago, the Chinese yuan was not even one of the ten most traded currencies; now, as of last year, it’s number five on the list recorded by SWIFT, an international financial transaction agency. In fact, international payments settled in yuan jumped a MASSIVE 104% in 2014!
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  But the Chinese aren’t ones to be satisfied easily; they know what’s at stake on the global stage and are moving hastily to seize the opportunity. So later this year, China is expected to launch what will be known as the China International Payment System (CIPS), an international system that will further the yuan’s internationalization and its status as a dominant currency on the global level for cross-border transactions.
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  Add to this several other significant developments:
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  First, the Chinese are now seeking to have the yuan added to the IMF’s special drawing rights (SDRs) pool of reserve currencies. At present, that pool consists only of the U.S. dollar, the euro, the Japanese yen and the British pound.
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  Second, China is heading up the new alternative to the World Bank and IMF, known at the New Development Bank, which is part of the BRICS system and is run out of Shanghai.
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  Finally, on top of all of this, China has created the Asian Infrastructure Investment Bank (AIIB), which competes with the predominantly U.S.-controlled financial institutions and focuses on the Asia-Pacific region. As of this week, the UK and Australia have joined the AIIB, much to the disapproval of the U.S. government. France, Germany and Italy are set to follow.
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  All roads are leading away from the U.S. and over to China. Speaking of roads, Simon Black of Sovereign Man recently spotted this billboard in Bangkok, Thailand: (top of post)
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  read more!

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