China's Currency Getting Closer To Acceptance In SDR Basket

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Mark Melin
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Updated on

The Chinese have long had an ambition to supplant the U.S. as the world’s reserve currency of choice, or at least operate their currency alongside as an alternative.  They have set up swap facilities around the world, including Los Angeles, and this October the renminbi (RMB) is set to join the U.S. dollar, the euro, the British pound and the Japanese Yen as the fifth component of the International Monetary Fund’s Special Drawing Rights (SDR) currency basket. China’s inclusion in the prestigious SDR currency basket is not the end destination, but a benchmark along the road China’s RMB inclusion in…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.