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juliedavis91849
Veteran Contributor

Bank of China busy placing up these billboards

announcing the new world currency...renminbi, ja...

 

Whilst shaky now, appears they are planning for the long range...

 

Anybody thinking about WHAT IF US dollar is not world's reserve currency SOMEDAY ?

 

Which one of you in the peanut gallery this afternoon will toss me a crumb...or wink wink (...Kudo)

 

 over and out

 

Image

0 Kudos
3 Replies
farmer46
Senior Contributor

Re: Bank of China busy placing up these billboards

First rule, for the exchange of money the value must float. Before 1971 or 72 the US dollar did not float, was set by the price of and backed by Gold. I remember the day the dollar  started to float. I had a nice amount of money in German Marks and was rewarded with a nice profit.  

 

The China RMB is in a government controlled float.  That will not work as the new world currency.

0 Kudos
Palouser
Senior Advisor

Re: Bank of China busy placing up these billboards

Never happen. You can't have market respect with an undemocratic and ideologically driven government controlling a currency.

 

The signs are for domestic consumption to burnish a bank's image. Now, if they start posting them in the US, and don't get laughed off the PR platform, it might be a diffrent kind of thing. That won't happen either.

0 Kudos
hardnox
Advisor

Re: Bank of China busy placing up these billboards

Nothing holds the crown forever, not the pound, guilder or real.

 

But not just yet. DX at least 110 before this episode is done, and then we'll see.

 

Though I wouldn't want to underestimate the degree to which that the right of seignorage which has exhorbitantly accrued to all of us will be missed.

 

 

0 Kudos