Friday, July 24, 2009

US Dollar Will Maintain Dominance

Despite China's efforts to create a new international trade currency so as to no longer rely on the weakening US dollar, Zhang XiaoMing of the Bank of Communications Co. has stated that the Chinese Yuan will not be able to overtake the US Dollar in the marketplace for at least another decade. Zhang notes that the Chinese will have to increase the ability to use the Yuan outside of China if the Yuan is to become dominant, which will take quite some time.

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