Thursday, November 19, 2015

Argentina hops on bandwagon calling for internationalization of Yuan

On Nov. 13, the Vice-President of Argentina publicly announced his support for the Chinese currency and called for accelerated plans to internationalize the Yuan in global trade.  And in a statement where Amado Boudou mimicked Christine Lagarde’s support for the RMB to be added to the IMF’s SDR program, the Argentinian VP called for the Yuan to compete with the dollar to ‘change the global financial order’, and end the single polar reserve currency system that has reigned for more than seven decades.
Argentina joins a growing list of nations calling for an end to dollar hegemony, as direct bi-lateral trade programs continue to grow and replace the long-standing policy of using the U.S. currency as a medium of exchange for nearly all international trade.

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