Ambrose EvansPritchard Finance and business comments Thu 2009-10-08 17:07 EDT
China calls time on dollar hegemony
You can date the end of dollar hegemony from China's decision last month to sell its first batch of sovereign bonds in Chinese yuan to foreigners. Beijing does not need to raise money abroad since it has $2 trillion (£1.26 trillion) in reserves. The sole purpose is to prepare the way for the emergence of the yuan as a full-fledged global currency. [dollar losing reserve status]
Ambrose EvansPritchard Finance; Business Comment; China calls time; dollar hegemony.