Surprised that the Chinese yuan is not a major currency yet! What are the chances it will become a major currency in the future? 
This could happen when the Chinese Communist Party decide to stop manipulating their currency. Which means never.
Or perhaps when the CCP lose power and democracy comes to China. Which probably also means never.
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i always try to depend on major currency pair due to its comfortable trading spreads. its really good for scalping.
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right now doing scalping by EUR/USD , actually its really comfortable for any kind of trading approach with scalping.
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Excellent Question !
The Yuan is a proper currence - or is it ? - When you or I buy goods from China we pay oin dollars or pounds (or whatever “funny money” our Governnments dictate we use.
However in China they have several currencies -
a) - the yuan (external currendy)
b) - the Renmimby (internal currency)
c) - Social Credit ! this is a sort of “Digital currency” which is “given” for “Compliance”
The “Elites” also sell stuff and accumutate the aforesaid dollars, pounds and other currencies.
The “elites” also Hoover up Physical(not paper) GOLD and other precious metals, and USA dollar debt at an enormous rate.
So whatever the value of the “Yuan” is - it is unlikiely that it is actually reflecting the strength of Chinese wealth or even trade strength and it is also possible that the Chinese people could live perfectly happily without the “Yuan”
Now the Russian “rouble” and Indian “Rupee” are the same currency whether used internally or externally (I think) - and the only other place I know which has different currencies for “internal use and External use” - was Cuba when we visited there about 12 years ago - what a wierd place that was ! “Citizens” have shopps which "foreigners " are not allowed to enter - and "foreigners are not allowed to pay “Citizens” in the “foreign money” - which means there is an active and thriving Black Market demand for it !
Question - Name one thing it is impossible to buy in Cuba (Because we tried !
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Answer - A suitcase !
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Anyhow - in summary - I don’t think so - but that is not to underestimate the Power of “Chinese money” !
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Very valid point to be honest. I think Rupees will be considered major before Yuan.
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I agree, but the next currency to be classed as a “Major”? -
How about the South Korean won?
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Trying to think of a viable alternative and coming up short at the moment
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Who or what governing body declares a currency to be a “major” currency? 
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I’ve just assumed its a collective decision by brokers - if almost all of them decide the risk is so reduced that they can offer minimal spreads, as for the other majors, then its a major. I’d be surprised if its a formal industry-wide decision but maybe they’re influenced by incentives from the central banks.
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Look at foreign reserves. How much of the currency is held by the central banks of other countries.
The yuan is “minor” in that respect when compared to the majors, even though its economy is huge, second only to that of the US.
Over 50% of all foreign reserves are in US dollar. The yuan is somewhere under 5%.
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Makes sense. Can’t imagine any new major currency popping up though. When was the last time that got updated?
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I’m learning reading your responses but I’m afraid I don’t have enough knowledge yet to contribute to the discussion but I asked because I got the impression that the “major” currencies are the currencies of the biggest economies in the world. This is why I thought the Chinese yuan is an obvious inclusion.
It certainly is a strong contender to become the world reserve one day. All currencies have a life span. With the US dollar diluting daily and China leading the march to digitalizing the Yuan. I certainly wouldn’t be surprised. That said, WWIII will likely come first! America won’t pass the baton through choice.
According to expert forecasts it cannot yet break out to any significant level, although their production capacity is growing, the population is also increasing significantly on a daily basis, it is a never-ending race.
At the risk of stating the obvious, it would be a mistake to think that the currency of the country with the strongest economy would automatically and permanently be a good buy. Or the fastest economic growth.
To be honest, I wouldn’t be surprised at anything anymore…
China is now expressing quite a tough stance, they are continuing their rivalry with the US, so at some point it could happen.
The other question is: when…?