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Last week, it wasn’t only Jim Rogers who was suggesting that the Chinese yuan (renminbi) will likely become a major reserve currency, if not eventually the world reserve currency.
Later in the week none other than Goldman Sachs projected that the yuan is set to become a major reserve currency.
There are good reasons for this: number [...]
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China’s massive foreign exchange reserves are the largest in the world, comprising a total of $2,132 billion or $2.1 trillion dollars’ worth. Of this amount, $1.5 trillion are held in US Dollar-denominated assets such as cash, bonds and treasuries. When you do the math, about 71% of China’s total foreign reserves are in US Dollars. [...]
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