Renminbi to become a rival reserve?

As China opens the renminbi to international trade, more and more commentators are suggesting it could be one of the world’s reserve currencies. Greater reforms are needed if it is to rival the greenback.

The renminbi, several high-profile authors claim, is well on its way to eclipsing the US dollar as the dominant reserve currency. This is controversial stuff. I think anything that has to do with the supposed battle between the dollar and the renminbi for reserve currency supremacy tends to get everyone’s juices flowing, and not surprisingly has received a lot of commentary, for example in a recent issue of The Economist.

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