http://www.scmp.com/business/money/markets-investing/article/1076500/yuan-hailed-world-reserve-currency
Its supporters excitedly describe it as rise of the "redback" - red
for communist China as opposed to the greenback of the US. Now two
distinguished academics have joined a chorus of bankers anxious to share
in the lucrative business opportunities they see in the
internationalisation of the yuan to challenge the US dollar as the
global currency of choice.
Anita
Fung, Hong Kong chief executive of HSBC, is among the most gung-ho
believers that China's day has come. "The signals being sent by the bond
and foreign exchange markets are clear: the renminbi is getting ready
for formal international recognition," she declared in this newspaper
last month.
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