AuGod!

The Renminbi as a Reserve Currency (Part 1)

"So, a truly global legal tender is a trusted currency that is well managed, retains its value, is fully convertible, widely traded in liquid currency markets and used as a currency of denomination for international trade." China's Renminbi fails on all criterion but that is no slight to them. They are a relatively new economy and don't really know the ropes. When they do, they will likely shun the idea of going global with their currency unlike the British Pound and American Dollar. In the nearer future, instead of a single reserve currency, a bunch of bilateral relationships money-wise will likely pop up as has been the case recently with BRIC and some ASEAN countries. With complexity being made tractable with computers, does the world really need a currency monolith? I think that is the question.