China’s currency alchemists are working hard to turn a still unconvertible renminbi into gold, or better yet – a reserve currency.
So news that they have a growing chorus of supporters in the financial world is welcome. A Bloomberg survey of 1,263 economists, analysts and traders recently polled, reveals that a majority believe the renminbi will be fully convertible (into other currencies) by 2016. What’s more, half see the redback becoming a reserve currency within ten years.
Not bad for a country which three decades ago had a separate currency for visiting foreigners.
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