Louisiana Light • 4 days | 74.01 | +1.62 | +2.24% | |||
Bonny Light • 1 day | 76.56 | +1.37 | +1.82% | |||
Opec Basket • 4 days | 73.35 | +0.56 | +0.77% | |||
Mars US • 15 hours | 71.80 | +0.41 | +0.57% | |||
Gasoline • 10 mins | 2.521 | -0.003 | -0.12% |
Bonny Light • 1 day | 76.56 | +1.37 | +1.82% | |||
Girassol • 1 day | 78.87 | +1.84 | +2.39% | |||
Opec Basket • 4 days | 73.35 | +0.56 | +0.77% |
Peace Sour • 7 hours | 66.40 | +0.41 | +0.62% | |||
Light Sour Blend • 7 hours | 67.70 | +0.41 | +0.61% | |||
Syncrude Sweet Premium • 7 hours | 76.65 | +0.41 | +0.54% | |||
Central Alberta • 7 hours | 66.00 | +0.41 | +0.63% |
Eagle Ford • 4 days | 68.22 | +1.64 | +2.46% | |||
Oklahoma Sweet • 4 days | 68.25 | +1.75 | +2.63% | |||
Kansas Common • 4 days | 62.00 | +3.75 | +6.44% | |||
Buena Vista • 14 days | 76.15 | -1.09 | -1.41% |
Saudi Arabia’s decision to cut…
From banning short-haul flights to…
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.
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