7 Out Of 10 Countries In Asia Are Tied To The Yuan

Dr. Michael LaitmanIn the News (from China Daily): “A ‘renminbi bloc’ has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China’s successful bid to internationalize its currency, a research report has said.

“The Peterson Institute for International Economics, or PIIE, said in its latest research that China has moved closer to its long-term goal for the renminbi to become a global reserve currency. …

“And now seven out of 10 economies in the region — including South Korea, Indonesia, Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar. …

“The PIIE said that renminbi could rise to the status of an international currency in 10 to 15 years if the country can reform its financial market and allow greater access for foreigners via capital account liberalization. In fact, trade is also propelling the rise of the renminbi outside East Asia. …

“The currencies of India, Chile, Israel, South Africa and Turkey all now follow the renminbi closely, in some cases, more so than the dollar.”

My Comment: China does not have time; they need to educate the population; otherwise, it will be just a stumbling block in its development. It is necessary to continue to transform socialism into integral education; this will help equalize the population’s income and unite it for good hegemony in Asia, Africa, and South America.

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