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By Catholic Online (NEWS CONSORTIUM)

11/7/2013 (5 months ago)

Catholic Online (www.catholic.org)

Dollar is in slow decline as yuan rises.

Here comes China. International interest in trading the Yuan is growing dramatically as China makes its move to become the world's reserve currency.

The yuan may be the world's next reserve currency.

The yuan may be the world's next reserve currency.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/7/2013 (5 months ago)

Published in Asia Pacific

Keywords: Dollar, yuan, China, currency, reserve, money, investors


LOS ANGELES, CA (Catholic Online) - According to the markets, interest in the Chinese Yuan is surging. In April 2010, yuan transactions sat at $34 billion per day. Now, they stand at $120 billion per day, making it the ninth most traded currency in the world.

Many investors are looking as the yuan as an option for their portfolio. The Chinese economy has seen years of unparalleled growth combined with vast natural resources in both minerals and labor. The ability of the state to mobilize massive industrial projects is evident.

China's power is reflected in its ability to undertake epic engineering projects, as well as its ability to turn out mass quantities of cheap items that sell for premium prices around the globe. Think iPads and iPhones.

Although concerns remain about worker's rights and living conditions in China, investors feel these issues, such as China's chronic environmental problems, will be largely shrugged off by the government and economic growth will continue as the rest of the world looks to China to serve as the world's mercantile.

Emerging economies are hungry for Chinese gadgets, labor, and now yuan.

This was once a realm of global economics dominated by the United States and American dollars, but this appears increasingly likely to change. Investors are becoming increasingly skittish about American debt, with its payments being held hostage by politics.

China does not suffer from these political considerations, since the Communist party, now more capitalist than ever, holds a monopoly on power.

The most significant hurdle now faced by the yuan is that international banks and markets do not yet have the requisite infrastructure to facilitate yuan-based transactions, although this will probably change as the currency gains dominance.

It's one more sign of the times, China is rising while America sets.

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