How the Yuan Could Take the Dollar's Crown

cnbc.com

quote:

These measures taken by China would decrease the transaction costs for the country's importers and exporters says Dr Zha Xiaogang, a research fellow at the Shanghai Institute for International Studies. Speaking at a seminar in Bahrain in October, he said it would lessen China's reliance on the dollar and the big fluctuations that seriously affect its foreign trade and investment, including oil.

"The US monetary authorities are only responsible for its domestic concerns and ignore the possible spillover effects to the rest of the world," he said.

Comment:

It might be a good idea for the policy makers in DC to get their act together and soon.  These trillion dollars deficits will no longer be possible in the future.