China Announces Renminbi as The New World Currency

In one of its boldest move so far, Bank of China announces renminbi or yuan as:

“RMB: New Choice; The World Currency”

Will it be better for everyone this time?

Dethrone King Dollar

Here’s the former member of Obama’s economic team, munching antagonistic views against the king of world currencies, .i.e fiat US dollar.

” From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joe Biden, executive director of the White House Task Force on the Middle Class, and a member of President Obama’s economic team.”

By JARED BERNSTEIN

August 27, 2014

WASHINGTON — THERE are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world’s reserve currency. It’s a core principle of American economic policy. After all, who wouldn’t want their currency to be the one that foreign banks and governments want to hold in reserve?