{"id":7059,"date":"2015-04-03T07:26:57","date_gmt":"2015-04-03T12:26:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7059"},"modified":"2015-04-03T07:26:57","modified_gmt":"2015-04-03T12:26:57","slug":"china-targets-dollar-washington-has-conniptions","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7059","title":{"rendered":"China Targets Dollar, Washington Has Conniptions"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2015\/04\/02\/china-targets-dollar-us-government-has-conniptions-yuan-reserve-currency-sdr\/\" target=\"_blank\">China Targets Dollar, Washington Has Conniptions<\/a><\/h3>\n<p>Now even Israel \u2013 joined at the hip to the US though the relationship has run into rough waters \u2013 has applied to become a founding member of the China-led Asian Infrastructure Investment Bank. Despite US gyrations to keep them from it, over 40 countries, including bosom buddies Australia, Britain, and Germany, have signed up to join. Japan is still wavering politely.<\/p>\n<p>The US government sees the China-dominated AIIB as competition to the US-dominated World Bank and Asian Development Bank. But now that it is clear even to the White House that the US can\u2019t stop the tide, Treasury Secretary Jack Lew backpedaled vigorously on Tuesday. The government would welcome the AIIB, he suddenly said, as long as certain conditions are met, such as adequate transparency.<\/p>\n<p>So after this bruising setback, the US now\u00a0has\u00a0another opportunity to oppose China\u2019s financial and monetary ambitions.<\/p>\n<p>China is trying to get the IMF to bestow reserve currency status on the yuan, which would add the yuan to a glorious basket that includes the dollar and the euro \u2013 currently the dominant reserve currencies with a 63% and 22% share respectively. So it has been lobbying core members of the IMF behind the scenes for support, and they\u2019re coming around despite US conniptions, the\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/momentum-builds-to-label-chinese-yuan-a-reserve-currency-1427926918\">Wall Street Journal<\/a>\u00a0reported.<\/p>\n<p>China also wants the yuan to become part of the IMF\u2019s Special Drawing Rights\u00a0\u201cin the foreseeable future,\u201d Yi Gang, Director of the State Administration of Foreign Exchange and Deputy Governor of the People\u2019s Bank of China,\u00a0<a href=\"http:\/\/news.yahoo.com\/china-seeking-yuan-role-imf-currency-134858121--finance.html\">pointed out<\/a>\u00a0a couple of weeks ago. With the yuan, SDRs \u2013 which currently include only the dollar, the euro, the yen, and the British pound \u2013 would \u201cundoubtedly\u201d be more \u201crepresentative\u201d of the global economic landscape, Yi said.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China Targets Dollar, Washington Has Conniptions Now even Israel \u2013 joined at the hip to the US though the relationship has run into rough waters \u2013 has applied to become a founding member of the China-led Asian Infrastructure Investment Bank. Despite US gyrations to keep them from it, over 40 countries, including bosom buddies Australia, [&hellip;]<\/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":[2,5],"tags":[3502,4261,3503,130,418,434,827,839,1031],"class_list":["post-7059","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-aiib","tag-asian-development-bank","tag-asian-infrastructure-investment-bank","tag-china","tag-imf","tag-international-monetary-fund","tag-united-states","tag-us-dollar","tag-yuan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7059","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=7059"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7059\/revisions"}],"predecessor-version":[{"id":7060,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7059\/revisions\/7060"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}