This is more evidence the USDollar is rapidly losing its global reserve currency status--with the Chinese yuan arriving as another currency option. If China some day announces the yuan will be backed by gold, or institute some variant of a gold standard, the USDollar and Euro will be checkmated.
http://www.smh.com.au/business/markets/australia-seeks-to-expand-dollaryuan-trading-20120705-21j5v.html#ixzz1zrf1lCwR
Sunday, July 8, 2012
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