''Now two academics, Arvind Subramanian and Martin Kessler of the
respected Peterson Institute for International Economics, have developed
a formula, which claims that the yuan already has taken over from the
US dollar as the most important reference currency over large areas of
They contend that "in East Asia, there is already a renminbi bloc,
because the renminbi has become the dominant reference currency,
eclipsing the dollar … seven currencies out of 10 co-move more closely
with the renminbi than with the dollar.''