Re:The yuan is displacing the dollar as a key currency
by kylelibra on Thursday October 25, 2012 @12:43PM
(#4698274)
At what point did the dollar become the standard? Post World War 2 I'm guessing? What was the equivalent before? Anyone know?
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Re:The yuan is displacing the dollar as a key currency
by johnsang on Thursday October 25, 2012 @12:51PM
(#4698317)
It was after bretton woods.
Re:The yuan is displacing the dollar as a key currency
by kylelibra on Thursday October 25, 2012 @12:52PM
(#4698328)
That was exactly what I was looking for, thanks!
Re:The yuan is displacing the dollar as a key currency
by akjj on Thursday October 25, 2012 @01:00PM
(#4698362)
The dollar was given a central place in the international exchange system under the Bretton Woods agreement, which came just after the end of World War II, as you guessed. Before the Great Depression, I don't think there was an analogue, because reserves mostly consisted of gold. However, part of the reason that gold became the monetary standard (as opposed to say silver) was because of its use by the British Empire, which was the largest player in international trade.
Re:The yuan is displacing the dollar as a key currency
by sopooneo on Thursday October 25, 2012 @02:13PM
(#4698744)
On a horribly tangential side-note, if given the chance, have a stay at the Mount Washington Hotel in Bretton Woods, New Hampshire, where they actually hammered all this stuff out. It is of another era, and you can feel the weight of that event in the air there still.