Innovation
The United States dollar was once the standard reserve currency for the International Monetary Fund. But in the 1960s and early '70s, as the Vietnam War dragged on and the United States ran persistent trade deficits, the dollar came to be seen as overvalued.
HONG KONG - The International Monetary Fund on Monday approved the Chinese renminbi as one of the world's main central bank reserve currencies, a major acknowledgement of the country's rising financial and economic heft. The I.M.F. decision will help pave the way for broader use of the renminbi in trade and finance, securing China's standing as a global economic power.