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Basic financial answer - 2009 (for 2010?):"“The biggest hurdle to making the yuan an international currency is the fact that it is still not fully convertible,” said Tse Kwok Leung, head of the economic research division at Bank of China Ltd.’s Hong Kong branch. “How the financial authorities will carry out the reforms will determine when the yuan can become global.”"
Yuan Can Be ‘3rd Pillar’ of Finance System, Yam Says (Update1)
By Bloomberg News - December 18, 2009
www.bloomberg.com/apps/news?pid=newsarchive&sid=aa62SdfwgOZI
Does this statement of Bank of China Ltd. mean, that Yuan will automatically become a global currency, as soon as P.R.C. government decide, it is necessary for P.R.C. government?
The argument, that the statement is serious: P.R.C. government is the biggest USA creditor; China is the biggest holder of United States treasury securities - 798.9 billion dollars*; China has more that 2 trillions of foreign currency, most of which are dollars.
With such financial power, Yuan is able to become the global currency. Maybe the only international currency, just as China became the biggest producer and controls the global market.
* Source:
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