We see a lot of talk about the Chinese Yuan taking the title of global reserve currency away from the US dollar. But this article explains the facts for now don't show that. It appears the process will be gradual if it ever happens at all. Below are some excerpts.
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"China is on a drive to promote the use of its currency globally but the yuan is still far from upsetting the greenback, according to an important global metric.
Data released this week from Swift, the global interbank system that transfers trillions of dollars worth of currency daily, showed that just 1.61 percent of domestic and cross-border payments processed in December were denominated in yuan (also known as renminbi, or RMB.)
"The RMB has had a difficult year in 2017 and struggled to realize its potential for growth," Michael Moon, Swift's head of payments markets for Asia Pacific, said in a news release." . . . . . please click here to read the full article
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Added note: Jim Rickards does this new interview (below) on Fox in which he says to expect more market problems due to exploding US debt. He also predicts Bitcoin will end up at $200 eventually.
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Added note: Jim Rickards does this new interview (below) on Fox in which he says to expect more market problems due to exploding US debt. He also predicts Bitcoin will end up at $200 eventually.
Bitcoin at $200 eventually. I guess the "eventually" is a good qualifier. I think it will go down substantially as other options become more widely used and it loses it's luster, but eventually may be a long while. Jim's timing seems to be off a little and could hamper his credibility, such as the timeframe and probability for war with Korea. Are we waiting for Olympics to be over?
ReplyDeleteThe last interview I saw him do where he talked about N. Korea, he had moved his time frame back to mid 2018, but had not changed his 70% chance of war forecast.
DeleteHis comment that IBM and Intel are going to own the enterprise blockchain world with their Hyperledger Sawtooth and Hyperledger Fabric products is interesting. I don't understand the technology enough to know what to make of it.
ReplyDelete