Originally Posted by DamageX

Soon? How about yesterday?





They're not planning on phasing out their own currencies and replace them with another. They just want to define a new reserve currency which, currently, can be backed by more than a printing press owned by the FED.



Yes and no. While their currency is admittedly undervalued, it's also backed by some serious assets and surpluses. Compare that with the "liberalized" (yeah, right) USD, which has pretty much no backing nowadays, and the renminbi wins hands down.