Renminbi Relentlessly Replacing Dollar as Reserve Currency
The collapse in value of our paper currencies is accomplished through our morally/intellectually bankrupt central banks flooding the world with this (unbacked) paper. In other words, the entire global economy is already drowning in an ocean of these paper currencies. It is thus little surprise that these same central banks are now swapping their own paper for gold at the fastest rate on record.
It is in this context that we see a shift taking place where the U.S. dollar as reserve currency is being steadily replaced by the renminbi.
Some numbers are in order. A recent article in China Daily noted that for much of Asia the renminbi is already the reserve currency:
A "renminbi bloc" has been formed in East Asia, as nations in the region abandon the U.S. dollar and peg their currency to the Chinese yuan...We see three obvious points:
And now seven out of 10 economies in the region -- including South Korea, Indonesia, Malaysia, Singapore and Thailand - track the renminbi more closely than they do the U.S. dollar...According to the latest report by the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, renminbi-denominated trade accounted for 10 percent of China's total foreign trade in July. The figure was zero just two years ago. From July 1 to Aug. 31, global payments in the renminbi rose 15.6%, according to Swift as payment in other currencies fell 0.9% on the average... [emphasis mine]
The move from the dollar to the renminbi is now occurring rapidly.
Demand for the U.S. dollar is falling as a direct result of this shift.
Even Chinese media are attempting to cover up the collapse of the dollar.
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