There Can Be Only One: China Sovereign Wealth Fund Says Renminbi Will Become Reserve Currency
First the CIC stirs havoc in Europe, saying it would rather invest in Africa than in Brussels finmin summit caterers, which at this stage in the business cycle are the most profitable corporation imaginable... and now this:
- CIC'S JIN SAYS RENMINBI WILL BECOME GLOBAL RESERVE CURRENCY
Naturally, to parahprase titles of cheesy 80s movies, there can be only one.
So what would happen to the current one? Maybe the same as what happened to all the prior global "reserve" currencies: