On Saturday the Bank of China made a move to allow the Yuan to become more competitive in the struggle to be the world’s next reserve currency. For the past decade the bank has kept the Yuan artificially low in relation to other currencies in a continuing effort to encourage exports.
The move on Saturday doesn’t eliminate Beijing’s tight control of the currency but it is viewed by many observers to be a step to allow the currency to float.
It appears that the hope of the B of C is to boost consumer demand in China as The US and other western powers are still struggling from the hangover of the great recession.
The more liquid currency would be that latest step from the party to make sweeping change in China’s financial system. This move would insure that the countries lending system would be more in line with that of the Western nations. The state owned banks would have to give up some of their central control in exchange for the ability to deal with outside capital needs.
What happens now that the Chinese Central bank is reaching out to the West?
Is the first step in the Yuan becoming the next reserve currency in the world?
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