NY Times: China Gradually Turns Yuan into Global Currency

Friday, 11 Feb 2011 12:27 PM
By Dan Weil

Some experts have talked about the possibility of China’s yuan one day becoming the world’s primary reserve currency. While no one expects that to happen anytime soon, the yuan is slowly turning into a global currency, as China’s government loosens controls on its use, The New York Times reports.

“The RMB (renminbi – another name for the currency) is likely to become a reserve currency in the future, even if the government of China does nothing about it,â€