reserve currency

Circle CEO Jeremy Allaire opined that major reserve currencies could become digital currencies soon.

However, the Russian president emphasized the need for other currencies in global trade and the emergence of new reserve currencies like the ruble.

Reserve currencies are typically traded freely and their external value is market-determined, although this does not preclude occasional bouts of intervention by the country's central bank in foreign exchange markets.

Economists see the yuan as becoming one of the world's major reserve currencies.China's yuan currency is becoming part of the foreign-exchange reserves held by eurozone countries.

Rodrigo Duterte, said in a press statement that the BSP's move to include the renminbi as part of the official reserve currencies was sending a strong signal to banks and the market to start using the currency locally.

The yuan is being included in the basket of IMF reserve currencies on the day China celebrates the creation of the Chinese Peopleas Republic in 1949.

But that requires a willingness to resolve the so-called Triffin dilemma -- the conflict between long-term international interests and short-term domestic interests that issuers of reserve currencies confront -- by running increasingly large current-account deficits that enable the US to meet global demand for liquidity.

London: The IMF announced that the renminbi will be included in its basket of so-called Special Drawing Rights (SDR), putting the Chinese currency on a par with main reserve currencies.

The vote by the IMF's executive board puts the Chinese economy into an exclusive club of countries with reserve currencies.

*If and when the Chinese Yuan is voted upon by the International Monetary Fund (IMF) Executive Board to be one of the world's reserve currencies, there will be a massive shift in the world currency markets.