A Financial Times June 30 article, “Central banks look to China’s renminbi to diversify foreign currency reserves,” bases itself on a current survey conducted by UBS of 30 “leading” central bank reserve managers. It found that 85% of these managers around the world wanted renminbi for their forex reserves, or had already begun investing in them. (https://www.ft.com/content/ce09687f-f7e5-499a-9521-d98cbd4c5ac1)
Interestingly, the primary reasons given by these managers for wanting renminbi reserves did not include fear of having their dollar, euro and yen reserves seized. No doubt, these “leading” central bank managers are not looking at this situation as realistically as the many “non-leading” central banks that UBS did not survey, for whom Afghanistan, Yemen, Iraq, Venezuela, and now Russia are plenty of evidence of what “global NATO” may do to them. The “leading” banks’ managers pointed to other reasons: They believe that a shift away from the Anglo-American unipolar system is underway, and will benefit the renminbi; they are concerned about U.S. inflation, and the Federal Reserve’s ineffective mistakes.
