@Hisah. None of the world's reserve currencies (Greece, Roman, Byzantium, British) has lasted forever and indeed the U.S. Dollar will not escape that destiny. We are seeing capital flight from Europe and Japan strengthen the USD just like in the Debt Crisis of 1931 which is confusing analysts. From the peak of Britain in 1914, it took about 30 years to the Bretton Woods meeting in 1944 for the U.S. Dollar to emerge as the reserve currency of the world. Thus, we have a number of years ahead before the Yuan can claim the top spot.
"Growing demand has led China's yuan to overtake the Russian ruble as a currency used for global payments, according to SWIFT, a messaging system used by international banks.
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, said on Wednesday that use of the yuan in January jumped 24 percent from December, enabling it to capture 0.63 percent of global payments, an all-time high. That made it the 13th most-used currency overall, ahead of the ruble and Danish krone, according to SWIFT...."
Read more:
http://usa.chinadaily.co...28/content_16263895.htm