Renminbi recognised a Global Currency

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Only in principal at present.Final decision in March 2016 with the renminbi expected to be added to the SDR basket in September.
The renminbi is now the 5th in the most traded currencies and expected to go past the yen reasonably soon.
Some see this as the beginning of the USD losing it's reserve currency status.
 
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Interestingly, Westpac now can open for customers FX account denominated in the renminbi. Good for trading though we find our suppliers prefer USD.
 
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