Yuan Rising and Dollar Receding as Global Currencies
The yuan is now in third place as a global currency behind the dollar and the Euro. Given the decline of the Euro, this article projects that in 3 years the yuan will surpass the Euro. Right now roughly a fourth of the world’s trade is transacted through the yuan. When you add to this that China is now the number one country in the world in gold reserves and the fact that the US owes China $1.2 trillion, it is not hard to understand why the US is demonizing China.
Image courtesy The 4th Media
About The Author
Bruce
Bruce Lerro has taught for 25 years as an adjunct college professor of psychology at Golden Gate University, Dominican University and Diablo Valley College. He has applied a Vygotskian socio-historical perspective to his four books: From Earth-Spirits to Sky-Gods: the Socio-ecological Origins of Monotheism, Individualism and Hyper-Abstract Reasoning Power in Eden: The Emergence of Gender Hierarchies in the Ancient World Co-Authored with Christopher Chase-Dunn Social Change: Globalization from the Stone Age to the Present and Lucifer's Labyrinth: Individualism, Hyper-Abstract Thinking and the Process of Becoming Civilized He is also a representational artist specializing in pen-and-ink drawings. Bruce is a libertarian communist and lives in Olympia WA.