Dollar, Yuan, Yen, and Euro Make it Easy to Send Money Online to Other Countries
Sending money online to other countries continues to be a normal practice for immigrants and other foreigners working in the United States. As long as the dollar continues to be the worlds leading reserve currency, the exchange rate between the U.S. dollar and other forms of money will be to our advantage.
A recent article from Bloomberg reveals that, despite the recent elevation of the Chinese yuan, officials are making stands to keep the American dollar as the international standard for currency exchange.
Reserve currency refers to the money used between separate countries to settle international trade accounts. For example, if Mexico purchased goods from China, China may prefer to be paid in U.S. dollars instead of pesos. Internationally, the U.S. dollar continues to be the most widely accepted and most countries will accept it in payment.
The Chinese yuan was placed inside the International Monetary Fund’s basket along with the dollar, euro, yen and pound. The addition of the yuan will take effect October 1st, 2016. The yuan will have 10.9% of the weight in the basket, the euro will have 30.9%, the yen will hold 8.1% and the U.S. will contain 41.7%.
Discussions have been made between China and the U.S. about currency practices. Commitments and boundaries have been made between both countries to ensure that unfair practices do not take place.
Treasury Secretary Jacob Lewis explains that although America was in agreement with the recent elevation of the Chinese yuan, there are no indications that our American dollar will lose it’s ranking as the international standard. “We’re determined to run a U.S. economy that continues to be a strong, safe and secure economy that makes that the case in the future.”
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