Chinese ambitions in this area are clear, however. China is negotiating currency settlement deals in local yuan with many of its trading partners. Zero Hedge ran an article last week on a billboard advertisement in Bangkok from the Bank of China declaring the RMB to be “the world currency”. …All according to plan, looks like.
With the dollar gaining strength over the last few months, this article appears weak. As the global economy struggles, people rush to the safety of the US dollar.