China's Currency Getting Closer To Acceptance In SDR Basket

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…