The renminbi could overtake the leadership of the US dollar as an international trade currency with China’s creation of the Asian Infrastructure Investment Bank (AIIB) and its energy alliance with Russia, writes the Beijing-based Reference News.
Led by China to compete with the World Bank and International Monetary Fund (IMF), the AIIB includes 57 founding countries and US$100 billion in capital. The US did not sign up.
The US dollar, the main currency in international trade, has been slipping in its lead position as the world’s reserve currency. The composition of the greenback in global official foreign exchange reserves, once peaking at 71%, dropped to 63% in 2014, the report said.
Full article: Renminbi could overtake US dollar in a decade: economist (Want China Times)