“China’s currency is poised to enter the big leagues” alongside the dollar
The rumors that have been circulating in recent weeks have all but been confirmed: China’s yuan, or renminbi, currency is about to secure the IMF’s approval for world reserve status.
“China’s yuan is poised to enter the big leagues of global currencies, according to the judgment of the International Monetary Fund,” Bloomberg reported Nov. 13.
The IMF’s executive board is scheduled to decide Nov. 30 whether the yuan will be added to the group of global currencies that comprise its Special Drawing Rights basket. The U.S. dollar, the euro, the yen, and the pound already belong. The yuan would be set to join the IMF basket in about a year, in the first update to the fund’s SDR composition since 2001.
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Bridgewater’s Ray Dalio explains why everyone should allocate some of their portfolio to gold:
“If you don’t own gold…there is no sensible reason other than you don’t know history or you don’t know the economics of it…”