Is the dollar dead?

A new op-od in the NYT yesterday outlines the coming rejection of the dollar in favor of the Chinese Renminbi. Clearly this is a logical choice IF China can continue to stabilize economically and begin importing (sending its money abroad). Right now China holds huge cash reserves of foreign currencies, but as the world suffers through a global recession we’ve seen the dollar take its licks. It may now be time for a new reserve currency.

Details here.

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