China is pushing to end the dominance of the $ as a worldwide reserve and is raising this issue at the G20 meeting. This week China has agreed to a Rmb70bn ($10.24bn) currency swap with Argentina that will allow it to receive Chinese currency instead of US$ for its exports to the Latin American country...
Cliff Note: could this be the beginning of the end to US$ supremacy?
- article: http://www.ft.com/cms/s/0/eba6405c-1d7e-11de-9eb3-00144feabdc0.html?nclick_check=1
- definition of currency swap: http://en.wikipedia.org/wiki/Currency_swap
China is pushing to end the dominance of the $ as a worldwide reserve and is raising this issue at the G20 meeting. This week China has agreed to a Rmb70bn ($10.24bn) currency swap with Argentina that will allow it to receive Chinese currency instead of US$ for its exports to the Latin American country... Cliff Note: could this be the beginning of the end to US$ supremacy?
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