When people ask me, ‘What is so important about China?’ I reply, ’What do you know about renminbi (RMB)?’
Those who have lived in China, like our volunteer Aitece teachers, know it well because their salaries were paid in it and they used it every day in the market.
It is the national currency of China and within a decade you might be using it too.
According to the IMF (International Monetary Fund) Constitution, its headquarters will be in the country with the largest economy. At present that is the USA but within a decade it is likely to be China. So the IMF HQ would move from New York to Beijing.
Now the IMF president is a European but soon that may be changing too.
At present it is useful to have US dollars in your wallet when traveling in many parts of the world but in ten years time, when China is likely to be the economic power, you may need RMB.
In 2000 the American economy was 8.5 times that of China’s but in 2001 China joined the WTO and by 2015 the US economy was only 1.6 bigger than China’s.
Economists figure China’s economy will overtake America’s within 10 years.
So, getting to know China is important and you can start counting your RMB.