<p></p>Hi guys,
Since the IMF has approved of the Chinese yuan in the SDR while some banks are already holding it as a reserve, am curious to know, does this mean it will now be traded as a major currency along with the ones we know?
My second question is this: if it starts getting traded as well, where would it fall in the order of currency precedence? As you well know, the established order is: Euro first, then Pound sterling, then the Australian dollar, followed by the New Zealand dollar, the US dollar, Canadian dollar, swiss franc and the Japanese yen, all in that order. If the yuan will be traded with this group where will it land?
Since the IMF has approved of the Chinese yuan in the SDR while some banks are already holding it as a reserve, am curious to know, does this mean it will now be traded as a major currency along with the ones we know?
My second question is this: if it starts getting traded as well, where would it fall in the order of currency precedence? As you well know, the established order is: Euro first, then Pound sterling, then the Australian dollar, followed by the New Zealand dollar, the US dollar, Canadian dollar, swiss franc and the Japanese yen, all in that order. If the yuan will be traded with this group where will it land?
