Euro instability bolsters RMB's claim for reserve status

In the 5th century BC, the world’s reserve currency was the Greek drachma. That currency has disappeared – at least for the time being – but while transition to a new world reserve currency can take generations, it can appear to happen relatively quickly when the end-game arrives.  Although still a long way off, several developments this year show that the world is working to help China put these building blocks in place to bring its currency onto the global stage. Throughout hi…