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Barry Eichengreen, former senior foreign policy advisor to the IMF, looks at the likelihood of China’s success in turning the RMB into one of the world’s reserve currencies.
"…as a step toward making the renminbi a reserve currency, China signed currency-swap agreements with the Philippines, South Korea, Japan, and Australia. Meanwhile, Malaysia, Nigeria, and Chile have already acquired modest amounts of renminbi reserves. Other central banks are expected to follow…So, will China’s plan for transforming the renminbi into an international rival to the dollar succeed?”