China to obtain special drawing rights (SDR) for Reserve Currency Status.
Recently, China has ramped up its drive for the world’s 5th Reserve Currency status. The IMF (International Monetary Fund) is looking to approve the currency, the ‘yuan’, soon and will be added to the basket of currencies (dollar, Euro, Yen, and British pound). This is starting to coincide with China moving forward with the AIIB (Asian Infrastructure Investment Bank). With the IMF and World Bank giving China the green-light despite opposition from the U.S. Many U.S. allies have agreed to become members of this China-led bank, including the U.K., Germany, France, Italy, Australia, and Japan. Japan says they would also join by June, and with many countries from the Middle East committing to join one has to ask how much longer will the Petrodollar last? By now, we should be worried about the global and national status of the U.S. Dollar, and how this New World bank is going to affect the U.S. economy and currency status!
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