China’s effort to challenge the hegemony of the U.S. dollar just got a boost from JPMorgan Chase & Co. For the first time in 15 years, the New York-based bank increased the yuan’s weighting in its foreign-exchange indexes, meanwhile lowering the dollar’s, to reflect China’s surging share in global trade. The U.S.’s weight for cross-border commerce fell an average of 7.6 percentage points from 2000 to 2013, while China’s rose 13.1 percentage points, JPMorgan said. “The big picture behind all these indices have changed,...
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