IMF approves China's currency as elite reserve

[TeTe]

http://news.yahoo.com/imf-approves-chinas-yuan-elite-currency-171229011--finance.html


Not sure if has been posted yet, but figured it would make for good convo. Anyone see this making a big difference?

They stop pegging the Renminbi to the U.S. dollar so it get qualified, at least one of the factors, as an elite currency.. all the while the Chinese economy has been stalling hard over the past couple of years. I don't see how this poses any real threat to anyone.

 

[AWESOMEACE]

was listening to a piece on the radio today about this and my take away is that it means little to nothing. I am sure I stand the chance of being proven profoundly wrong, so I will wait and see.

 

[SouthoftheAndes]

This is good. More integration and they have a lot to offer.

 

[Octavian]

It's more of a road marker for China's economy and likely a longer term benefit. Overall positive for the second largest economy in the world which would be good for the rest of the world.