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September 12, 2011

Renminbi Pushes Dollar Off Global State

Arvind Subramanian, Financial Times

AP Photo

Economic turmoil in the US and Europe is helping to accelerate a deeper, long term development. After three centuries of economic dominance, the west is about to be eclipsed by a rising Asian power: China. Not only may the Chinese economy soon be larger than America’s – if measured in purchasing power – but the renminbi could displace the dollar as the premier, reserve currency within the next decade or soon thereafter.

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TAGGED: Dollar, United States, Renminbi, China

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