Thursday, January 7, 2016

The alternative reserve currency

Remember all that talk about the renminbi replacing the dollar as a reserve currency, or even as a favored trading currency?

Boy,  do those people look silly!


  1. Dunno why the link didn't work. It was just to the day's report by Bloomberg of the relative fall in the yuan and China's fumbling with markets. Every paper had the story.

    In passing, I was amused by a commentary I saw somewhere (may have been Bloomberg, too) assuring us that the rickety state of the Chinese share market is of little concern since only 6 of Chinese owns shares.

    Well, only 3% of Americans were in the share market in October 1929.

  2. Here's another piece, not directly about reserve currency, but the final paragraphs tell a tale: