China'sYuan Steadily Replaces U.S. Dollar in East Asia

Monday, Oct. 22, 2012

Many emerging market countries, concerned that the Federal Reserve's policies are destabilizing their economies, are linking local currencies to China's yuan, displacing the U.S. dollar as the key international currency, according to the Economist. "The greenback has in the past played a dominant role in East Asia," the magazine notes. "But if anything, the region is now on a yuan standard."

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