ING's CIO on CNN: Renminbi (yuan) to become Global Reserve Currency within 2 years.

ING's Cheif Investment Officer says in a CNN interview today the Chinese currency Renminbi will become the Global Reserve Currency within 2 years.

Its a video titled "World markets feel U.S. woes" and is 4:27 long. It is listed under the 'World' tab on the standard video section. Not the new video page. Sorry I couldn't figure out how to link directly to it.

What will be the repercussions to the Dollar and our economy? It sounds ominous, but does it really mean anything to Joe Schmoo makin $15-$20 an hour?

Heres the link to the vid on dailymotion
Link to video

I am not sure about this but, if the RMB is appreciating and the USD is going down, the price of many products (those with "made in china" tags) would rise significantly, I think?

Buy up while you can if you believe this is true.

Video

A few years ago, my step-dad was speaking some basic Japanese to some customers of his where he works (In Hawaii, tourism consists of a lot of Japanese) and while doing so, he apparently offended one of his Chinese customers. The lady yelled at him and said 'Soon, you will all be speaking Chinese!'...

This thing continues to bug me as more and more goes on regarding relations with China. Which begs the question, what the hell did this lady know, to make such a claim?... Weird stuff.

reply to post by BeyondPerception


Maybe she was one of the "insiders" on vacation?
Or maybe just maybe this is all caused by her curse.

Are you people that thick that you can't see what's happening?

Of course the Renminbi is going to become the Global Reserve Currency.

It's as if people forget about China. The People’s Bank of China has more financial assets than any other single public finance institution in world history.

Do you know what the New World Order is? It's communism. Why is China being thrust into the forefront of the global economy? I think you can figure out the rest...

reply to post by Diplomat


It does make sense and I even thought this would happen, but I had thought that they might be a tad more secretive, maybe having a "basket of currencies" and tying the value of the basket to the Renminbi behind the scenes. But I guess they are getting bolder by the day.

reply to post by Diplomat


Yes we can see whats happening.

It was just a mild shock to see this mentioned in the MSM. And so bold a proclamation from someone 'in the know' (or SHOULD be).

What I would like to know are the likely repurcussions on the US economy, the world economy and on the economy of a regular Joe. Middle-class $40k to $60k a year.

What difference will this make to these three scenarios. What affect to India? Russia? Is it really so bad not to have your country's currency as the Global Reserve Currency?