Can Chinese currency yuan replace the US dollar?

[Doctor]

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.

No, I don't think yuan will replace USD.
The US government will have other plan to keep their currency.
As we know,  US always has good technology over Chinese, even though Chinese is the biggest economic.
But USD is more popular almost all countries at the world .
So, it's really difficult.

[jonathancool220]

It seems like it could happen because the FIAT currency could turn around quickly, from an economic point of view and of course, if China dominates the world, the USD will lose too.
This can also have an effect on cryptocurrencies because cryptocurrencies are very dependent on FIAT prices which can have positive and negative effects on every news produced by each FIAT Bank.

[Seerge]

I'd say it's impossible, I'm more in favor of the dollar than the Yuan. Dollar currency has been used by almost all countries in the world, and the dollar is the number one Fiat currency. The yuan from China is growing at the moment, but it will be tough against the dollar.

[tervel]

The dollar will remain a preeminent currency in the global system but its market share would decrease only to be occupied by a large number of currencies, but not dominated by the Chinese Yuan.

[Prime]

We have notified that the US and also CHina are competitors and they are big countries. Today, USD is still the most influencing world currency. But we don't know what will happen in the next 10 years later. because we also know that China is also struggling its power to be bigger again in the world

[Debasco]

Don't ever think so, usd is a world international trade currency with a good reserve, yuan is not even, though recently nigeria has a currency swap with for some period, but they later fall on usd again

[Lutera94]

Don't ever think so, usd is a world international trade currency with a good reserve, yuan is not even, though recently nigeria has a currency swap with for some period, but they later fall on usd again

I think same , USD is world excepted currency. Every country used it. So yuhan is not the same demand like USD. China may be trying to develop their currency for accecpting worldwide but right now this currency still Child.

[dautuonline]

No way, I don't believe that the Chinese currency can be equal to the USD. That's a lame comparison

[Astra]

The Chinese yuan may not replace the dollar in the global financial market in the foreseeable future, but it will push it hard, that's for sure. Especially if we also take into account the digitized yuan. Even El Salvador, which recently adopted bitcoin as its national currency, started paying salaries in digitized yuan, although it is still being tested in China itself.
The Chinese economy is now developing faster than the US economy, and therefore the dollar will gradually give up its positions.

[Usekevin]

Since both china ans US was a competitor in the GDP,this was a long term question among the economists.Everyone will have their own view over this.My opinion is not a possible one.US reserve tranche was hold by almost all the countries over the world.It mean,US had it's strong control over economy.Most of the stocks was exchange over USD in the stock market.

[Jaephoenix]

I think so. Considering the chinese have made efforts to create a blockchain based yuan, it is quite a feat

[Evgenklm]

if we are talking about the digital yuan, then the United States is far behind, China has gone ahead in developing its own digital currency, for this they have all the necessary resources and developments, so it is quite possible for the yuan to displace the dollar in the future.

[Bobcrypto]

Well, I think the yuan has no capacity at the present situation to replaced the US dollar. China is trying the impossibility in my opinion, the US dollar still remain the global means of exchange, and it will be very difficult for the yuan to play the role of the dollar in the world economy. The G8 controls the world economy, unfortunately China is not part of this group. A tree can not form, or be called a forest.

[Freemind]

Well, I think the yuan has no capacity at the present situation to replaced the US dollar. China is trying the impossibility in my opinion, the US dollar still remain the global means of exchange, and it will be very difficult for the yuan to play the role of the dollar in the world economy. The G8 controls the world economy, unfortunately China is not part of this group. A tree can not form, or be called a forest.

The things you say are totally correct, but there are other things that I disagree with. The use of the dollar around the world is something that has its days numbered. People have not stopped to wonder why China is not in the G8. It is not for lack of economic capacity, it is for political reasons, they do not allow China to join the group, it may be because the rest of the countries know the potential of China.

[marcsymons]

It's impossible to happen. Not even in 100 years. Its GDP, PPP might increase, also its net exports, but it still won't be possible to overturn the sheer amount of Goodwill that the US and Americans enjoy in the rest of the world.