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Christopher Balding

You're Not the Yuan That I Want

Establishing the renminbi as a true reserve currency will require Beijing to give up control.
Chinese New 100 Yuan Notes Wheeled Out
Photographer: ChinaFotoPress/ChinaFotoPress via Getty Images

In its ongoing quest for glory and global influence, China appears to have won a notable victory. The International Monetary Fund is set to anoint the renminbi -- the "people's currency," also known by the name of its biggest unit, the yuan -- as one of the world's reserve currencies along with the dollar, pound, euro and yen. For those who fear (or hope) that China will eventually transform the postwar economic order, this appears to be the first step toward dethroning the dollar.

QuickTake The People's Currency