Sasha Cekerevac writes: While many people are aware that the Chinese economy is now the second-largest in the world, China’s currency, the yuan or renminbi, is also moving upward in the world rankings in terms of global transactions.
According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the world’s global payment system, the yuan has moved up from 20th in the rankings in January 2012 to 14th position in December 2012. The Chinese yuan is now above the Danish kroner in terms of global payments. (Source: “RMB Tracker: January 2013,” Society for Worldwide Interbank Financial Telecommunication web site, January 24, 2013.)
Why does this matter to the average American? Continue reading
Sasha Cekerevac writes: Having been relegated to the history books, the Cold War between the West and the East appears to be heating up again. On one side, we have increasing tensions with China; U.S. politicians claim that China is a currency-manipulator and China has massively increased its spending in defense, which is threatening the security in that part of the world. If we look to the Middle East, tensions are now rising with Russia. Continue reading