''The renminbi’s prospects as a global reserve currency''

"Popular discussions about the prospects of China’s currency – the renminbi – range from the view that it is on the threshold of becoming the dominant global reserve currency to the concern that rapid capital-account opening poses serious risks for China. A number of recent academic studies have pointed to the renminbi’s rising importance in the international monetary system, although these studies are divided on the renminbi’s prospects of becoming a dominant global reserve currency (see Eichengreen 2011, Frankel 2011, Fratzscher and Mehl 2011 on this site).".....read more....from vox......