China’s yuan ‘set to usurp US dollar’ as world’s reserve currency

The Chinese yuan is preparing to overtake the US dollar as the world’s reserve currency, economist Nouriel Roubini has warned.

By James Quinn, Wall Street Correspondent
The Telegraph, London

rofessor Roubini, of New York University’s Stern business school, believes that while such a major change is some way off, the Chinese government is laying the ground for the yuan’s ascendance.

Known as “Dr Doom” for his negative stance, Prof Roubini argues that China is better placed than the US to provide a reserve currency for the 21st century because it has a large current account surplus, focused government and few of the economic worries the US faces.

Read the rest:
http://www.telegraph.co.uk/finance/financetopics/fin
ancialcrisis/5325805/Chinas-yuan-set-to-usurp-U
S-dollar-as-worlds-reserve-currency.html

Related:
Obama: “We Can’t Keep Borrowing From China”

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