“Chinese financial authorities are laying the groundwork for these ambitions via a series of bilateral arrangements with foreign companies and financial centers. While dollar denominated financial markets retain a substantial advantage over their RMB denominated counterparts in terms of new issuances, the RMB markets have made remarkable progress in less than one year.”-U.S.-China Economic and Security Review Commission

RMB; aka renminbi, aka yuan.

“Chinese economic dominance is more imminent and more broad-based, encompassing output, trade and currency, than is currently recognized. By 2030, this dominance could resemble that of the United States in the 1970s and the United Kingdom around 1870.  And this economic dominance will in turn elevate the renminbi to premier reserve currency status much sooner than currently expected.”-Arvind Subramanian, economist