• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 8 hours Joe Biden's Presidency
  • 3 hours Did I Miss Something?
  • 32 mins An exciting development in EV Aviation: Volocopter
  • 18 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 1 day Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 10 mins The Debate Starts : Remake Republican Party vs. Third Party
  • 2 days https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 2 days Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 2 hours JACK MA versus Xi Jinping
  • 17 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 19 hours Minerals, Mining and Industrial Ecology
  • 2 days CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 2 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
Why Oil Will Keep Rising In 2021

Why Oil Will Keep Rising In 2021

While new lockdowns around the…

Will the Chinese Yuan Replace the US Dollar as the Global Reserve Currency?

Once again we are seeing articles and research papers stating the Chinese renminbi (yuan) is about to replace the dollar as the global reserve currency.

Here is a working paper by Arvind Subramanian and Martin Kessler at the Peterson Institute of International Economics stating The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?.

A country’s rise to economic dominance tends to be accompanied by its currency becoming a reference point, with other currencies tracking it implicitly or explicitly. For a sample comprising emerging market economies, we show that in the last two years, the renminbi (RMB) has increasingly become a reference currency which we define as one which exhibits a high degree of co-movement (CMC) with other currencies. In East Asia, there is already a RMB bloc, because the RMB has become the dominant reference currency, eclipsing the dollar, which is a historic development.

Click here to read the full article.



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News