China’s renminbi could pose a threat to the international dominance of the US dollar within a decade, according to an independent commission set up by the US Congress.
The annual report of the US-China Economic and Security Review Commission, released on Wednesday, said Beijing’s attempts to spread international use of its currency were succeeding in broadening its reach.
“[I]t no longer seems inconceivable that the RMB could mount a challenge to the dollar, perhaps within the next five to 10 years,” said the commission, chaired by William Reinsch, president of the National Foreign Trade Council, a business group.
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