The announcement marks the willing of the neoliberal West to penetrate and conquer Chinese economy to start the known catastrophic action with the help of the IMF mafia. China is about to make its biggest mistake by attaching its economy to the Western bloc.
From huffingtonpost.com :
The Chinese yuan will join a basket of the world's leading currencies, the International Monetary Fund announced Monday.
The IMF said that the yuan "met all existing criteria" to be included with the U.S. dollar, euro, Japanese yen and the British pound as one of the currencies used for the global organization's Special Drawing Rights, which serves as a standard for dealing with the financial reserves of its 188 member governments.
China is the world's second largest economy. Currency traders and economists say the move should encourage the government in Beijing to deliver on promises to make the yuan "freely tradable" and to open up its financial system. The country has historically pegged its currency to the dollar, giving it an advantage in exporting goods to the United States and helping it to emerge as a manufacturing powerhouse.
Lagarde said she would have reserved judgment about the yuan's addition a year ago. But China reformed the openness of its policies in setting interest rates and the transparency of its data. The IMF chief said the decision was an “indication of the reforms that have been implemented and will continue to be implemented.”
We all know now what the IMF means when it talks about "reforms". We saw it in the Greek experiment.
Most importantly, this move has probably a deeper target: to stop the increasing independence of the BRICS economic bloc. One of the best ways for such a purpose, is the attachment of one of the biggest economies to the Western economic system, introducing China into the destructive neoliberalism.
A monetary attachment of China to the Western bubble-currency system will endanger potential plans concerning the autonomy of a rival system based on the gold standard: “As BRICS are in the processes to decouple economies from the Western neoliberal monetary monopoly, they could bring back the gold standard as a base for their transactions, which is much more steady than the paper money unstable financial bubbles. They are ready, because they are emerging economies with billions of potential consumer tanks and can attract other countries too being victims of the international financial mafia, like Argentina and Greece.” (fa.ev/russias-moves-to-decouple-economy)
Despite its size and its powerful economy, it is certain that the neoliberal dictatorship will put restrictions on China's transactions with Russia and the rest of the BRICS, targeting mainly the complete economic isolation of Russia.
The Western trap aims to prevent the possibility of “The Chinese yuan as the leading currency [that] can be used in settlements among BRICS member states, ...” (fa.ev/greeces-alternative-brics-to-switch-to) and limit the options of other countries that are seeking to escape from the debt prison of the neoliberal monetary monopoly, and start using their currencies in an alternative monetary system.
By joining the West-controlled club of hard currencies, China falls to another trap because it will not be too easy to devalue its currency at will. It is known that China was boosting its exports by devaluing its currency as a key action. In the currency wars so far, the United States many times showed to be displeased with China's flexibility on devaluation.
However, the IMF announcement shows the failure of the Western economic wars on China and that the Western monetary bloc is facing troubles. There are signs of weakness and degeneration in the neoliberal monetary monopoly. It seems that the dynamic progress of the Chinese economy is difficult to be confronted directly. It is characteristic that many countries from the Western bloc rushed to join the Asian Infrastructure Investment Bank (AIIB), despite the dissatisfaction expressed by the US.
Therefore, China needs to understand that its invitation to the hard currencies club, is an effort by the West to control its perspective towards a competitive monetary system, in which the country may have a leading role. It's what the bubble-economy elites fear most: the potential of a far more reliable alternative to the neoliberal monetary monopoly which will seriously threaten their global dominance.