Experts: Chinese Yuan Could Replace the Dollar as the World’s Fiat currency

“The Chinese yuan is on track to become a global currency and could even displace the U.S. dollar as the world’s reserve currency, experts say.

China is opening its financial markets to foreign investors and encouraging its currency to be used more in international trade, CNBC reports. Countries that have substantial trade with China, such as Australia, are among the first to base their trade settlements on the yuan, also called the renminbi, since it lowers their transaction costs.

International payments in the yuan jumped 24 percent in November from October, reaching a record 0.56 percent of the global total, CNBC reports, citing data from SWIFT, a transactions services organization….”

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