US Dollar verse Chinese Yuan: A Global Currency Cat Fight
Loading...
Date
2015
Access
Authors
Leone, Mia Andriana
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
The U.S dollar is an internationally recognized and well used form of currency. However, just
because the US dollar has been this global monetary benchmark does not secure its position as the
premier internationally recognized currency indefinitely. In all actuality, the US is in trillions of dollars of debt
and that means that its greenbacks are starting to lose value in the domestic and international market. So
what exactly does this mean for the world’s economy? While the US has faced economic turmoil in the last
forty years, most recently with the Great Recession of 2007, one potential economic juggernaut has started
to emerge and could possibly joust US and the dollar from its high horse; China and its Yuan. Furthermore
the dethroning of the US dollar by the Yuan is a scenario debated highly in the economic field in regards to
its feasibility. However, if other countries agree to adopt the Yuan as the new main international currency
then not only would China be launched into an international, macroeconomic spotlight but the US would
lose a huge instrument of power globally. Even though it is incredibly unlikely to happen without several
worldwide, political changes, a new internationally recognized currency would change every nation’s
economy and revitalize the forum of exchange completely, leaving a completely unpredictable economic
and political future
Description
2015 W. Keats Sparrow Writing Award, Third Place Winner