Big banks around the globe such as HSBC, BBVA, JPMorgan Chase and Citigroup are all doing road shows in Latin America to encourage the use of the yuan in trade with China.
China is planting the seeds of a powerful international currency that may become this alternative to the dollar. Without any serious fiscal reform in the U.S., the buck is looking more and more like a disaster waiting to happen.
McDonald’s recently became the first foreign non-financial company to sell yuan-denominated bonds in Hong Kong. Wal-Mart has already revealed its intention to do the same.
* One more reason why strengthening relationships with Latin American countries is so important!
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