Can Chinese currency yuan replace the US dollar?

[debra]

We know that the Chinese economy is progressing and developing, which is why they want to replace the dollar currency. I thought it would be difficult because the dollar is already an international currency and no one can compete with it yet. I think it will take a long time if the chineese really wants to replace the dollar because we know that it will be difficult to change currency, let alone a currency that has already become an international currency.

[Confero]

No, it is not that easy to replace American dollars even though the Chinese Yuan is growing. The dollar is the number one global currency that will not be replaced by other currencies, Bitcoin is the biggest threat to the dollar, not Yuan or others.

[gunhell16]

To earn more control over its economy, China intends on replacing the USD to yuan as the global currency. Since China's economic growth due to the cheap exports to the US, international trade and gross domestic product share of China increased to around 10%. This caused some conflict between China and the US.

With trade soaring, yuan's eminence grew and in August 2015 it became the fourth most frequented currency globally, it left behind its ranking in the 12th position within three years, surpassing Japanese yen, Canadian loonie and the Australian dollar. China has made it far easier to trade the yuan in foreign exchange markets.

It’s not the trade that makes USD the world’s reserve currency but the fact that there’s a sense of trust in the US economy. The transparency of the market and stability of its monetary policy are two important factors as well. Hence, it is not possible to eradicate the use of the dollar, even though it may be declined.

China can only replace US dollar currency if they have a strong backup of Gold than the US, but if they don't have
enough or more than Gold than the US, perhaps, they can't able to replace US dollar for sure even in the future as well too, this is based on my opinion only and understanding about the topic anyway.

[Freemind]

China can only replace US dollar currency if they have a strong backup of Gold than the US, but if they don't have
enough or more than Gold than the US, perhaps, they can't able to replace US dollar for sure even in the future as well too, this is based on my opinion only and understanding about the topic anyway.

While it is true that Gold reserves are important, and that the United States has a reserve of 8,133 metric tons compared to 1,948 in China, I do not think that is entirely decisive. The Chinese economy has been growing for years without stopping and obtaining more international partners, if everything remains the same in a few years, maybe many of the contracts that are signed with amounts in dollars will be made with amounts in yuan.

[masterrex]

IMHO, I dont think China can replace the US dollar dominance during peacetime, As we all know why the US dollar becomes an international currency after the war, even if China can overtake the US economy but still they cant replace the US dollar as a dominant global currency. on the other hand, the gold reserves are just part of the process that gives significant value to the currency.

[mahadev]

IMHO, I dont think China can replace the US dollar dominance during peacetime, As we all know why the US dollar becomes an international currency after the war, even if China can overtake the US economy but still they cant replace the US dollar as a dominant global currency. on the other hand, the gold reserves are just part of the process that gives significant value to the currency.

I think You're right, dollar is still dominance. I don't think yuan will replace dollar. As you said dollar is the international currency and most popular than other.
So, it will take along years again, yuan can replace dollar.Thats my opinion, maybe another people has own opinion.

[Peter Fox]

I think that China is striving for this as much as possible, but the United States understands this and will try to prevent China. In addition, as long as the dollar is the dominant currency, the US has leverage. You can recall the experience of Huawei. Nevertheless, China continues to develop both economically and politically. They have already conquered even space.

[Paglamon]

It has been heard for the last few days that China is currently going to ban cryptocurrency. After hearing such news, the price of Bitcoin is going down a lot. In a word, new changes have taken place in the cryptocurrency market. I think the cryptocurrency market is changing every time. However, the cryptocurrency market is currently undergoing a downward trend. So probably China Yuan will not be able to replace the US Dollar. However, the legal decisions may not be published at present. But most investors have moved away from the crypto space.

[Vx1]

Actually, the United States and China have competition in all fields, from the economy, the military to the currency too. Currently, China has been developing their currency to become world currency by making the yuan a legal tender in various Asian countries in particular. But in my opinion to replace the dollar is not easy, but America needs to be vigilant because maybe China has a secret strategy that might explode sometime.

[Hannahanto]

I don't think yuan can beat or replace american dollars. The us dollars has been there for ages and will still be there, the USD is stable and accepted internationally by many countries around the world and it is we known than the Chinese yuan.
Even if the yuan value go greater than USD it doesn't mean it can replace USD. I even see USD as the most valued and popular currency.
Note am not talking of the price in value.

[Dexzon]

China can only replace US dollar currency if they have a strong backup of Gold than the US, but if they don't have
enough or more than Gold than the US, perhaps, they can't able to replace US dollar for sure even in the future as well too, this is based on my opinion only and understanding about the topic anyway.

China is the largest coal producing country in the world, as I know currently china has many partners in several countries with manufacturing companies that they develop and they sell them for Yuan, USD is still strong for now, but they don't have gold mines, they just have a partner and I think if the international partners turn to china, then the yuan can replace the dollar in the future

[dekafee79]

To earn more control over its economy, China intends on replacing the USD to yuan as the global currency. Since China's economic growth due to the cheap exports to the US, international trade and gross domestic product share of China increased to around 10%. This caused some conflict between China and the US.

With trade soaring, yuan's eminence grew and in August 2015 it became the fourth most frequented currency globally, it left behind its ranking in the 12th position within three years, surpassing Japanese yen, Canadian loonie and the Australian dollar. China has made it far easier to trade the yuan in foreign exchange markets.

It’s not the trade that makes USD the world’s reserve currency but the fact that there’s a sense of trust in the US economy. The transparency of the market and stability of its monetary policy are two important factors as well. Hence, it is not possible to eradicate the use of the dollar, even though it may be declined.

yes, it can. I think at the coming future yuan will replace the US dollar. Because we all see Chinese is one of the biggest country that have good economy and really popular at the world.
US dollar is the most currency, but I think It's just matter of time to beat US dollar.
Maybe at the next several years again, we will see.

[Noverteno]

In any case, the Chinese government will try to supplant the dollar with the help of its digitized yuan, especially in the Asia-Pacific region. Russia is already openly getting rid of the dollar as a means of payment, although there are reasons for this: in this way, Russia wants to weaken the international sanctions adopted against them. Therefore, Russia and China will jointly fight against the dollar. In any case, in part, such a struggle will have its effect.

[Limabd]

It is unknown to say what happen in future. The Chinese government is expected to replace the yuan with the US dollar in the future.  Because China is a big country and it has a good enough economy.  Russia, too, is already openly getting rid of the dollar as money.  Of course, there is a reason behind this. Russia is taking this step to weaken all the sanctions imposed on Russia.  So Russia and China will try to change the dollar. The US dollar is the largest currency but I think it is only a matter of time before the US dollar is defeated.  Maybe in a few years we’ll see it.

[Dora Walletinvestor]

We know that the Chinese economy is progressing and developing, which is why they want to replace the dollar currency. I thought it would be difficult because the dollar is already an international currency and no one can compete with it yet. I think it will take a long time if the chineese really wants to replace the dollar because we know that it will be difficult to change currency, let alone a currency that has already become an international currency.

This is a good point. It would take a lot more growth for the yuan to have a similar role in the world's economy to the USD. And, although the growth rate of the Chinese economy is still huge, it has started slowing down and there are signs that the current pace is unsustainable, so the future might be different than what we are seeing now.