Arab Today, arab today chinese banks dollar number 1 reserve currency
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

Chinese banks: Dollar number 1 reserve currency

Arab Today, arab today

Arab Today, arab today Chinese banks: Dollar number 1 reserve currency

London - UPI

The U.S. dollar will remain the world\'s chief reserve currency for decades and likely increase in strength, a senior Chinese central banker wrote in a paper. \"The dollar\'s global dominance will continue,\" Jin Zhongxia, head of the research institute of the People\'s Bank of China, wrote in a personal commentary for the Official Monetary and Financial Institutions Forum, a London banking and financial-industry think tank. His commentary can be found at tinyurl.com/Jin-Zhongxia. Jin said the world was moving to a \"1+4\" global currency system. \"The dollar will continue to be the super reserve currency, supplemented by four smaller reserve currencies: the euro and the British pound in Europe, and the Japanese yen and the Chinese renminbi in Asia,\" he said. The dollar\'s global dominance reflects \"U.S. economic, financial and military power,\" Jin said, and the currency has resilience to economic shocks that other key currencies, such as the euro, don\'t have -- as demonstrated by the eurozone debt crisis. \"The debt crisis in the euro area has demonstrated the structural weakness of this currency,\" he said. \"If we take into consideration that the euro partially relies on the dollar\'s payments infrastructure for its cross-border transactions, we can say that the euro is basically a very large regional reserve currency. \"But the sheer size of the euro area economy and financial market, together with its highly advanced science and technology, will maintain the euro as the second most important international currency, behind only the dollar, in the foreseeable future,\" Jin said. Indeed, he said, the dollar has developed an informal \"dollar zone\" worldwide nexus as a globally traded safe-haven currency recognized as a reliable and stable store of value. \"The U.S. economy is not merely stronger than that of the euro area by itself. In addition, the U.S. economy also enjoys the existence of an unofficial dollar zone,\" he said. \"Those countries in the world that rely on the dollar for most of their international transactions and hold dollars as major international reserve asset all belong to the de facto dollar zone. \"Compared to the euro area, the dollar zone has much greater resilience to shocks. This is because the exchange rate between the dollar and the other currencies are mostly not fixed and can be adjusted when necessary,\" Jin wrote. The dollar zone looks much more loosely connected, but in reality it is more coherent than the euro area, despite the official commitment of the euro member states to that currency.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinese banks dollar number 1 reserve currency Arab Today, arab today chinese banks dollar number 1 reserve currency

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinese banks dollar number 1 reserve currency Arab Today, arab today chinese banks dollar number 1 reserve currency

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday