Here’s an article from [I][B]Forex Magnates[/B][/I] on the Chinese government’s latest move toward unrestricted, two-way trading in the Chinese currency — Full Chinese Yuan Convertibility Within Shanghai FTZ By June | Forex Magnates
Allowing free trading of the yuan against other currencies in the Shanghai Free Trade Zone is the Chinese government’s cautious next step toward a truly, worldwide free-floating currency.
It’s no secret that the Chinese intend for their currency to replace the U.S. dollar as the world’s reserve currency.
That event will be totally impossible, unless and until the Chinese yuan is free-floating, fully-convertible, and capable of out-competing the U.S. dollar on the world market.