{"id":13098,"date":"2015-10-07T05:59:12","date_gmt":"2015-10-07T10:59:12","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13098"},"modified":"2015-10-07T05:59:12","modified_gmt":"2015-10-07T10:59:12","slug":"not-the-death-of-the-dollar-but-death-of-the-euro","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13098","title":{"rendered":"Not the \u201cDeath of the Dollar\u201d but \u201cDeath of the Euro?\u201d"},"content":{"rendered":"

Not the \u201cDeath of the Dollar\u201d but \u201cDeath of the Euro?\u201d<\/a><\/h3>\n

The rise of the Chinese yuan as an international currency is not only unstoppable but is advancing in leaps and bounds, according to SWIFT. It comes at the expense of other currencies, though it\u2019s not\u00a0triggering the long-awaited \u201cdeath of the dollar.\u201d On the contrary. Yet the euro has stumbled into\u00a0the line of fire.<\/p>\n

SWIFT is in a position to know. The member-owned organization, based in Belgium, provides among other things a network that enables financial institutions around the globe to send and receive information about financial transactions in a standardized environment. It also cooperates with various intelligence and law enforcement agencies around the world, including the US Treasury, the CIA, and others. The NSA is likely to get what it wants without asking.<\/p>\n

In its latest\u00a0RMB Tracker<\/u><\/a>, SWIFT is relentlessly effusive about the rise of the yuan. In August, global payments in renminbi rose once again, achieving another milestone: it edged out the yen to become the fourth largest payments currency with a share of, well, 2.8% of global payments \u2013 \u201creflecting RMB\u2019s huge potential and staggering momentum as a major currency,\u201d the report gushes.<\/p>\n

That\u2019s not exactly a lot, compared to China\u2019s economic power in the global markets. When China sneezes, as it just did, the world catches pneumonia. But it\u2019s a big leap forward: In August 2012, the yuan was in 12th position, with a minuscule share of 0.8%.<\/p>\n

In the Asia-Pacific region, the yuan is already the most actively used currency for intra-regional payments with China and Hong Kong, having edged out the yen this year.<\/p>\n

Becoming a major global currency is one of the preconditions for becoming a reserve currency held by central banks as part of their foreign exchange reserves baskets. But the yuan isn\u2019t in those baskets yet.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Not the \u201cDeath of the Dollar\u201d but \u201cDeath of the Euro?\u201d The rise of the Chinese yuan as an international currency is not only unstoppable but is advancing in leaps and bounds, according to SWIFT. It comes at the expense of other currencies, though it\u2019s not\u00a0triggering the long-awaited \u201cdeath of the dollar.\u201d On the contrary. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1098,9667,280,929,675,3491,1068,839,2202,9371,4254,4255,1031],"class_list":["post-13098","post","type-post","status-publish","format-standard","hentry","category-economics","tag-currency-wars","tag-death-of-the-dollar","tag-euro","tag-nasa","tag-renminbi","tag-rmb","tag-swift","tag-us-dollar","tag-us-treasury","tag-via","tag-wolf-richter","tag-wolfstreet","tag-yuan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13098"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13098\/revisions"}],"predecessor-version":[{"id":13099,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13098\/revisions\/13099"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}