Jake's View | Why the yuan will never be a true international currency
Beijing’s obsession with the yuan’s ranking among global trade currencies is meaningless trivia
In August this year the yuan regained its position as the fifth most used currency for payment from the Canadian dollar, according to Swift data.
Business, October 3
And half the annual rainfall of Spain in centi-fathoms per square inch is equal to the average speed of a fleeing ground squirrel in furlongs per week.
Well, if we want to talk trivia, why not? Trivia is what I call Beijing’s obsession with the ranking of the yuan as a payment currency for international trade.
Let’s get some things straight. There are only two international currencies in the world and if you eliminate the internal trade of Fortress Europe as not entirely international then there is only the US dollar.
I cannot conceive of how the Canadian dollar is in any way an international currency. It is only used in Canada
I cannot conceive of how the Canadian dollar is in any way an international currency. It is only used in Canada. If you somehow become the owner of a Canadian $100 bill, you take it to your bank and you say, “Can I have some real money for this, please, something that doesn’t just go down forever and ever?” (I speak from sad experience of Canadian investments)
