Yes the US Dollar will be moving aside as time goes on and while it is still the widest traded currency, the RMB or Chines Juan will replace it soon.
In the next two years, the RMB or Chinese yuan could become one of the major currencies used in global trade. This was said in London by Douglas Flint, chairman of HSBC Holdings SA, adding that “the renminbi (RMB) will be a growing part of normal business in the everyday life for anyone who trades or invests in China.”
“All international business with an eye on China should consider the potential benefits of using the RMB and the investment opportunities in RMB that have been created around the world with the support of the burgeoning overseas markets, particularly in foreign bonds markets,” he said.
“… HSBC held for the first time a sale of bonds denominated in RMB in Singapore, a city country which rivals Hong Kong as an important center for China’s currency,” reported Prensa.com. Estimates reveal that bank debt sales abroad in RMB could be worth $59 billion this 2013.
According to Flint, the Chinese financial market is creating investment opportunities, the reform process has started to accelerate and the rise of the RMB will continue.
This sucks. But it is our own fault. We have been a reckless nation since the turn of the century…
I might agree. The reason the chinese yuan will not become a stable, widely invested, traded international currency is simple, the government. The current government of china does not lend itself to stabilty. It is one party rule, corrupt.