Journalist and financial observer Ivan Danilov outlines why Berlin’s recent decision on the currency front has to be viewed in the broader context of a slowly but steady reformatting of the global financial system. On Monday, Bloomberg confirmed that the Bundesbank plans to add the Chinese yuan to its currency reserves.
Berlin’s move, set against the background of a Yuan riding high against the dollar in currency markets, is obviously politically charged, “especially when one considers that the entire Western world is now waiting with a sinking feeling for a diplomatic showdown between Donald Trump and Angela Merkel during the World Economic Forum” in Switzerland later this month. CONTINUE READING
