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Could a World Currency Replace the Dollar?

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Could a World Currency Replace the Dollar?

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Could a World Currency Replace the Dollar? Monday April 20, 2009#spacer{clear:left}#abc #sidebar{margin-top:1.5em}zSB(3,3) (Credit: Getty Images) Last month, China suggested that the IMF develop a single global currency to replace the dollar as the world’s reserve currency. China is concerned the value of its holdings in dollars will decline as a result of U.S. deficit spending. However, any attempt to replace the dollar would be a massive, complicated undertaking. The dollar is used for 43% of all cross-border transactions, and 66% the world’s central bank foreign currency reserves are in dollars. (See Power of the U.S. Dollar) What It Means to You Since so many transactions are already done in dollars, the impact of a switch to a single world currency would not have as much immediate impact on U.S. citizens. Other countries’ economies w

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Could a World Currency Replace the Dollar? Monday April 20, 2009#spacer{clear:left}#abc #sidebar{margin-top:1.5em}zSB(3,3) (Credit: Getty Images) Last month, China suggested that the IMF develop a single global currency to replace the dollar as the world’s reserve currency. China is concerned the value of its holdings in dollars will decline as a result of U.S. deficit spending. However, any attempt to replace the dollar would be a massive, complicated undertaking. The dollar is used for 43% of all cross-border transactions, and 66% the world’s central bank foreign currency reserves are in dollars. (See Power of the U.S. Dollar) What It Means to You Since so many transactions are already done in dollars, the impact of a switch to a single world currency would not have as much immediate impact on U.S. citizens. Other countries’ economies w

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