With US $19+ trillion debt and constant wars, the China, Russia and Iran axis committed to peace readies to drive the world away from dollar.
China's Renminbi now declared as main world currency, along with the U.S. dollar, the euro, the Japanese yen and the British pound, which will take effect on 1 October 2016.
IMF Chief Christine Lagarde and Fund Staff endorses China's renminbi to become Global Reserve Currency, ending the U.S. Petro-dollar reign in November.
Under the pretext of cutting funding for terrorists, there is a worldwide war on physical cash, as more and more nations from Europe, Asia-Pacific, North America, Africa, Middle East and Latin America aggressively put restrictions on the use of physical currency.
Experts are cautiously optimistic that China’s plans for further financial reforms would be sufficient to help its currency Renminbi (RMB Yuan) meet the International Monetary Fund’s (IMF) criteria for joining its benchmark currency basket later this year.
Within nearly and only one year at seventh place, China's renminbi (RMB) leaps to fifth place of world payment currencies since November 2014, overtaking both the Canadian dollar and the Australian dollar by value.
Russia and Egypt will exclude the US dollar and use their national currencies in the settlement of accounts in bilateral trade, Russian President Vladimir Putin said in an interview to Egyptian media.
Danish bank Saxo Bank is taking a hard line on its foreign exchange customers who placed millions what turned out to be wrong way bets on the Swiss franc last month due to its loyalty to Ayn Rand's Atlas Shrugged Philosophy.
The federal government sent a strong signal to Bitcoin traders earlier this year when the U.S. Department of Homeland Security seized an account belonging to Mt. Gox, the most popular exchange for people to buy and sell the crypto-currency.
Bitcoin has been recognized for legal and tax purposes in Germany, making it the first country to take an official stance on the status of using the online currency as money.
The Chinese currency Renminbi, or the yuan, has appreciated 34 percent against the U.S. dollar since the exchange rate reform began eight years ago.
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