Renminbi poised to challenge US dollar dominance in global economy
The article discusses how relying solely on the U.S. dollar as the main international currency can be risky, as seen during the global financial crisis. It suggests that having multiple major currencies as world reserves is important for a stable monetary system. The Chinese currency, the renminbi/yuan, could become one of these major currencies in the future. The article looks at what makes a currency international, the pros and cons of this, and what China is doing to make the yuan more widely used globally. It also examines the factors China needs to address for the yuan to become an international currency.