Chinese Yuan: the world’s new reserve currency

The financial sector in China has been affected to a certain extent in the face of global financial crisis, but generally speaking remains sound, healthy and stable. The demand for Chinese exports was hit, factories are closed and millions of workers lose their jobs. China’s economy felt the impact of the crisis but its perspectives are not so bad.

And now many financial analysts consider whether or not China would open up its banking system and allow the strongest currency in the world, which is the Chinese Yuan, to be the rightful and anointed convertible currency of the world. Of course, the Chinese government assumes its priority maintaining economic stabilization and it may take several years to turn Yuan into a new “reserve currency”. It’s obvious that the present financial depression which has its roots in Wall Street has demonstrated that the US dollar must be replaced as the global reserve currency and that the USA must be displaced as the actual governor of the global financial system. Nothing stays the same maybe now it’s time for change?