US Corporations Dump Dollar for Chinese Renminbi to Buy ImportsEric Blair The Financial Times reported today that U.S. corporations are using the Chinese renminbi to buy imports over three times more than they had the previous year: The value of renminbi payments between the US and the rest of the world rose by 327 per cent in April this year from the same month a year ago (see chart) as more US corporations switched to using the Chinese currency to pay for imports from China, according to data from SWIFT, the international currency settlement firm. First, US importers can slash the cost of imports from China by agreeing to trade in renminbi rather than US dollars, Lodge said. Second, a recent surge in the popularity of a host of renminbi-denominated financial market instruments are making it easier for US corporates both to hedge currency risk and to earn an investment return from the renminbi they hold. Further, the BRICS nations appear ready to shake up the world order with the deployment of their own development bank as reported today by Al Jazeera: The IMF and World Bank also appear to be pushing for a global economic reset.We need to push the reset button. The world is still much too much caught in a crisis-management mode, saidKlaus Schwabfounder of the World Economic Forum earlier this year. A sentiment echoed by IMF head Christine Lagarde during the same event: Its only been on year since China formally called for a new global currency citing similar concerns, as reported by the Associated Press: Additionally, in the midst of this global currency shakeup former Federal Reserve chairman Paul Volcker has hinted at a new Bretton Woods to prevent destructive financial crisis. Volcker said in his Bretton Woods speech this past May: Maybe the reset is happening right in front of us. If U.S. companies choose to abandon dollars for imports, the dollar is in very big trouble, and China may get their wish of a new global currency after all the renminbi. 