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Originally Posted by pornmasta
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Nope....... unlikely. They'll be multitude of ways for use but the key thing is that they are avoiding the US dollar and that is devastating for the petrodollar.
Bottom line is that the Chinese are doing many bi-lateral swap agreements with different countries and I believe it has been done with all the majors now, so it wont be long im sure before the Yuan (Renminbi) is a fully convertible currency. We're probably talking no more than 6 - 8 years from now but some say much sooner:
How Long Before China's Renminbi Becomes Fully Convertible? - Forbes
Shame they have to avoid USD but RMB is a great holding by the way. I have as many RMB as I have USD. Right now you get 6 RMB for 1 USD. Within twenty years from now it'll no doubt will have reached one for one.
China is one hot fast growing economy - 4 Trillion USD foreign currency reserves. Name me one country in the world which is a "creditor nation" and that has even a quarter or that?