Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: emmybd on December 16, 2020, 09:49:13 PM
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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.
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For the short term, it seems impossible. I guess 70 per cent of all money in circulation is the US dollar. But I am also sure that the future is China if they democratize their country.
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If China succeeds in developing and releasing DCEP Yuan, we will see its positive effects on the Chinese economy as DCEP helps to reduce transaction costs, while also helping the government to manage financial resources better.
However, to replace USD, DCEP Yuan still has a long way to go.
First, 90% of import-export transactions are still using USD because the USD is widely accepted, simply because everyone believes in the US economy.
Second, despite its advantages in transaction time & cost, DCEP Yuan is still very difficult to access to countries around the globe. Countries will also issue their own CBDCs, with no reason for them to allow DCEP Yuan to threaten their right to manipulate their domestic economies.
Third, the US is also considering CBDC, and CBDC USD will be a better choice than DCEP Yuan.
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I don't know how China can manage to replace the dollar with its yuan in settlements between itself and the United States of America, but it is quite capable of replacing the dollar in settlements with its partners in the Shanghai Cooperation Organization, although not immediately.
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From the launch of the digitized yuan, China's position in the trade and financial sphere will be strengthened in the Asia-Pacific region, and then around the world. Confidence in the dollar is gradually declining, and the Chinese economy is growing very rapidly. However, this is a lengthy process that will progress with varying degrees of success. The yuan, cash, non-cash or digitalized, will not be able to completely replace the dollar, but there will still be some success in this matter.
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In my opinion, during this period it is very difficult for Yuan to be able to replace the role of USD in the international market, because as it is known that USD has been used by many countries for quite a long time. However, we cannot be sure of the future, it is possible that Yuan can replace USD.
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I think there is no rush to replace the dollar. The dollar will remain popular all over the world. However, other currencies will gain popularity. However, no currency can be equivalent to Bitcoin. But any local currency can help improve Bitcoin.
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China is really going to compete everything that the uS has. They have great power and also a great chance to get it. And about the currency, they may not replace it so easily. But I can see that China is really serious about it, to be more powerful on the currency
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In my opinion, it is unlikely that China will be able to make the yuan the world currency. Perhaps they will be able to increase the yuan's influence in those countries with which it has close political and trade relations, but in Europe and the United States, the yuan will never be more valuable than the currencies they use.
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If the United States continues to print such huge amounts of dollars, as well as problems and riots in the country, it will weaken and lose its influence and China at that moment will be able to take over the leadership with its digital yuan
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Undoubtedly, the increase in the volume of the money supply devalues the dollar and inflation causes irreparable harm. But nevertheless, do not forget the fact that the dollar is an international currency and in the countries of Asia and Africa there is a huge shortage of paper money. That is, the volume of dollars that have already been printed today does not cover the demand of all users. The demand is too high. But there is no balance. Now we need to imagine what difficulties China will face if they want to replace the dollar with the yuan. One way or another, America is coping with its difficulties today.
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In my opinion, it is unlikely that China will be able to make the yuan the world currency. Perhaps they will be able to increase the yuan's influence in those countries with which it has close political and trade relations, but in Europe and the United States, the yuan will never be more valuable than the currencies they use.
China's economy continues to grow and grow. In addition to the digitized yuan, the Chinese government is also creating, together with other neighboring states, a regional stablecoin that will serve the countries of the Asia-Pacific region. It is safe to say that the dollar's circulation there will weaken considerably because of this. The yuan will not oust the dollar from the international financial market in the near future, but it will strongly influence it.
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In my opinion, it is very difficult for Yuan to replace the role of USD in the international market, because as you know USD has been used by many countries for quite a long time. but you can be sure that $ can be replaced by yuan. Nobody knows in the future, right???
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I think that the United States will not allow this scenario to develop. The United States has many supporters and allies, as well as many levers of pressure on other countries, including sanctions on those countries that want to switch to yuan payments.
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I think this has been discussed a lot and I think digital yuan from China is still difficult to beat US dollars. because US dollars is a currency that is very stable and has indeed been accepted by all countries around the world.
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Seeing this Chinese currency as one of the progressive does not mean it can replace the dollar but it could be possible. Yet this possibility will not come as fast as what we can imagine because in order for this to happen, first, China need to dominate the world. Perhaps.
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Seeing this Chinese currency as one of the progressive does not mean it can replace the dollar but it could be possible. Yet this possibility will not come as fast as what we can imagine because in order for this to happen, first, China need to dominate the world. Perhaps.
I also agree with your opinion that before the yuan replaces the dollar, China must be replaced by the US all over the world. That is, to dominate the whole world, and this is very difficult to do today, since we are talking not only about economic, but also in military-political superiority.
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China are really trying in terms of everything and they are competing with China but I don't think yuan can overtake us dollar, usd is already a generally accepted currency all over d world.
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I don't think the dollar will replace the yuan. Although China is the first economy in the world, they still fail to do this, the dollar is in everyone's minds, this piece of paper has accumulated its stability for centuries.
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So far, I am quite confident that the Chinese yuan will strengthen and gradually displace the dollar, especially in the Pacific region. Trade competition and even a trade war between China and the United States will only intensify. However, while the dollar will rule this world for a long time to come. This process will be lengthy and will occur with varying degrees of success.
Recently, Russia has been buying yuan, hoping to avoid international sanctions, and has already invested about $ 8 billion in the yuan. The situation here will constantly change.
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I don't think the dollar will replace the yuan. Although China is the first economy in the world, they still fail to do this, the dollar is in everyone's minds, this piece of paper has accumulated its stability for centuries.
In my prediction, yuan cannot replace dollars at the coming future. Chinese is bigger economic than USA. But we all.jnow dollar is more popular and I think It is really difficult to change habits. Everyone at the world have known about dollar, but not know about yuan.
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The yuan has been threatening the dollar for a long time. That is why it would not seem strange to me that in the near future it surpasses the dollar. Inflation is high in both cases, yes, but it has been much higher in dollars for years, while the US department of economics does not stop printing dollars. The US authorities know that the privileged position of the dollar will fall sooner or later.
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The lack of trust with the Chinese government as it continues to do many stupid things especially in regard to territorial claims in the Asian region can be the big hindrance to its money becoming the one replacing the prominence of the USA Dollar. China has a goal bigger than itself and that is global domination, and they know that once they can dominate the global economy they can command many thigns into their hands, but this will never come easy considering the chaotic history of China and the developing resistance of many countries into its influence. Now, I am predicting things if there will be a currency to replace the dollar as the international commerce money it will not be the yuan or its equivalent CBDC.
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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.
Although Chinese is the biggest economic and trading, I think It is not easy to replace the US dollar. US dollar is most popular and has been used by trading value at the world.. But maybe crypto currency will replace fiat money, dollar, yuan and EURO
. Let's see.
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Seeing this Chinese currency as one of the progressive does not mean it can replace the dollar but it could be possible. Yet this possibility will not come as fast as what we can imagine because in order for this to happen, first, China need to dominate the world. Perhaps.
Given the fact that the Chinese government has already devalued its yuan several times in order to increase the competitiveness of products, it is unlikely that the yuan will be able to compete with the dollar in stability in the near future.
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Definitely not possible, atleast, not anytime soon, It might happen it the future cus the world we living right now can not be predicted, but the fact remains that it will be very difficult for Chinese yuan currency to over power the US dollars and become the world currency, it's near impossible to be fare on the Chinese yuan, the reputation the US dollars has built already is yet to be seen in the Chinese yuan and this is one of the reasons why I think it's near impossible for it to take over us dollar as the world currency.
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I think it will be difficult, because the dollar is very popular and widely used by almost all countries in the world. Indeed, China is a large country and the Yuan is also developing. However, to replace the dollar is not an easy thing.
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In order for the Chinese currency to be able to replace the US dollar in world settlements, it is necessary that all major countries participating in world trade agree to this replacement. However, we understand that the United States, being the main world trade partner, will resist in every possible way and use its influence, including political.
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We don't know what will happen in the future. However, if we are seeing the condition right now, this is still far away. And USD still becomes dominance in the world currency. However, we also know that China is now building that power to compete the US
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As we all know that the dollar is a very strong currency, I believe it will not be easy to be defeated by the digital yuan. it will take a long time to compete with the dollar.
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@Arendra it is true that the dollar has always been a strong currency, but no matter how strong the dollar is, it also matters how strong the other currencies may be, and the yuan is a currency that grows stronger every day, not only within the borders of China, but in the rest of the world. Now the dollar's biggest enemy is inflation, and China doesn't have to do anything, they just have to see how the dollar falls little by little.
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I think that the Americans are unlikely to sit still. They can always carry out procedures that allow USDT to be recognized as a state cryptocurrency .. USDT is used by so many ..
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I don't understand how this is related to cryptocurrency? In my opinion, this is a completely different direction, perhaps this is due to the digital yuan that many are talking about?
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At the moment the Chinese economy is even stronger than the US economy. While in America the largest military power, China wont be able to intercept the palm.
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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.
These are not the only reason for USD being a global reserve currency. There is also the fact that foreign countries benefit hugely by selling their products to the US customer base. Even if the Yuan becomes strong and the Chinese economy becomes bigger, I don't think China could have the same "function" as the USA has now.
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Many countries are stopping using the dollar as a currency to buy and sell outside their borders, and the United States government knows it. That also weakens the dollar causing its inflation to rise, it is like a vicious circle. If the United States fails to move the large amounts of money it has stored in some way, I think it will be a matter of time before another currency reaches the top position.
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I have already tipped the Chinese to be a world power ahead of the US. They would dominate technologically, and economic dominance would strengthen their stranglehold in that vein. The digital Yuan would be powerful
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If this happens, even though the Chinese know how to run a good economy, the law does not allow you to print more money. If only they produce everything on earth and even food then they can displace America.
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At the moment the Chinese economy is even stronger than the US economy. While in America the largest military power, China wont be able to intercept the palm.
The dollar is protected by the USA army and the dominance of the yuan could lead to the most powerful military conflict involving many countries. So far, there is an economic war between the two countries, but this is only the beginning.
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The dollar is protected by the USA army and the dominance of the yuan could lead to the most powerful military conflict involving many countries. So far, there is an economic war between the two countries, but this is only the beginning.
You are right, we are at the beginning of the war. But that war will not be a traditional war. That war has already started and it is digital. Hacker attacks from both China and the United States are constant, with a third player coming into the game, Russia. Which makes the balance go to the side of China, due to its alliance with Russia in economic terms.
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The dollar is very strong, it is impossible to replace the Yuan. The dollar is known to almost everyone in the world, while the Yuan is not. In my opinion, there is no way that the dollar will be replaced by other Fiats, including the Yuan.
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The dollar is very strong, it is impossible to replace the Yuan. The dollar is known to almost everyone in the world, while the Yuan is not. In my opinion, there is no way that the dollar will be replaced by other Fiats, including the Yuan.
This is not a year or another, but with the prospect of 15-20 years, or rather by 2049, when China will celebrate 100 years of the formation of a new country. And I think this is serious because the management system in China is more effective than in the USA.
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For the short term, it seems impossible. I guess 70 per cent of all money in circulation is the US dollar. But I am also sure that the future is China if they democratize their country.
Yes You're right dollar is more popular and It seems really difficult be replaced by other currency like yuan. because almost all people at the world know about dollar but not known about yuan. I think..
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Yes You're right dollar is more popular and It seems really difficult be replaced by other currency like yuan. because almost all people at the world know about dollar but not known about yuan. I think..
The dollar is more popular because it has been used for many years, and now their inflation is through the roof, which is very dangerous. It is a matter of time, the dollar will be replaced by another currency, and although many do not like the idea, that currency is the yuan. China already has too much strength and capacity at its disposal.
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This is market and competition always there, the problem is USA have tools ( laws, fund, position ) and China have sources ( people, machine ) it means this is war between two giant with different weapon but deadly. No body know the winner because both have interest but I believe USD still become the major pairs, they have guts to fight and never surrender, protect all area and never let anyone to take it.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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
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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.
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No way, I don't believe that the Chinese currency can be equal to the USD. That's a lame comparison
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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.
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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.
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I think so. Considering the chinese have made efforts to create a blockchain based yuan, it is quite a feat
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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.
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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.
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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.
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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.
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Of course, the Chinese government dreams that their yuan will replace the dollar in the world market. It will be a long and stubborn struggle between two large economies, and it is almost impossible to predict the outcome of this struggle in advance. However, we see that in recent decades, China's economy has continued to grow and develop. Therefore, anything is possible. At the same time, any strong state may face unexpected obstacles on this path.
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Day after day I just heard the news that China's own cryptocurrency is coming to the market. However, we do not see China's own cryptocurrency properly or in the market. I think we should imagine speculation after the arrival of China’s own crypto market in the cryptocurrency market. However, the popularity of any cryptocurrency depends on the users. So none of us should wait.
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It will be very difficult for China to compete with the dollar, for this it will be necessary to serve all countries and then maybe they will make their currency first. They are still doing very well in terms of the supply of goods and earn good money.
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I think this has been discussed a lot and I think digital yuan from China is still difficult to beat US dollars. because US dollars is a currency that is very stable and has indeed been accepted by all countries around the world.
Yes, that's right, I think yuan is difficult to beat dollar.
Dollar is more popular and has been known almost all.of people.
Maybe It will take along years again, yuan can beat dollar.
But I'm doubt It will happen.
I think US government will protect and always keep their dollar.
Let's see.
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For the short term, it seems impossible. I guess 70 per cent of all money in circulation is the US dollar. But I am also sure that the future is China if they democratize their country.
I agree, for short term, I think yuan could not replace the US dollars. But we all didn't know at the coming future, I think yuan has potential to replace US dollars.
China is the biggest economic.
Maybe at the coming future will be and yuan become dominant at market.
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In the future, I think it is possible, but I recently saw an analysis of all the TOP companies in the world, which are all accumulated in the United States, then I think that Dallar cannot be moved from the first place in the world currency, because companies in the United States are indeed the most powerful and most profitable in relation to everyone countries.
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I think it is not possible because in this particular matter it is not only attached Chinese economy but also international politics . It is not too easy replace yuan instead of US dollar.
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Now that China is pushing its digital yuan with all its might, I'm pretty sure they won't be able to replace the dollar. This course will work well domestically but not abroad. It is worth noting that this state of affairs is even better for bitcoin.
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It will not be easy for the Chinese Yuan to replace the US dollar. The US dollar has penetrated the world at large and most of the country in the world uses the US dollar for their international businesses. No one is considering the Chinese yuan for now and it will not be easily accepted for now. They have big work to do before that could happen in the future.
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Chinese currency, Yuan I think It has potential to replace dollar at the coming future, But It will take several years again.
Because dollar is still dominant.
But anything can happen at the world
China is one of the biggest country.
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It is not certain how popular the Chinese currency Yuan will be in the market, China is a very populous country where 95% of the people are familiar with cryptocurrency. So want If you do, you can beat the US dollar.
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80% of the world's cryptocurrency users currently trade in US dollars. I think the US dollar will have popularity. When successful yuan gains popularity around the world, people may start using it instead of the US dollar. However, I think the demand for digital currencies will continue to influence the cryptocurrency market. So I think there will be digital currencies in the cryptocurrency market. Hence the need for new currencies.
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It is not certain how popular the Chinese currency Yuan will be in the market, China is a very populous country where 95% of the people are familiar with cryptocurrency. So want If you do, you can beat the US dollar.
Despite of China popularity it couldn't replace dollars unless we will get back to the old history of wars to conquer every nations for power and control. Then impose rules and regulations about this and that and so on including the currency.
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It is not certain how popular the Chinese currency Yuan will be in the market, China is a very populous country where 95% of the people are familiar with cryptocurrency. So want If you do, you can beat the US dollar.
Despite of China popularity it couldn't replace dollars unless we will get back to the old history of wars to conquer every nations for power and control. Then impose rules and regulations about this and that and so on including the currency.
Suddenly entering a cryptocurrency market cannot replace a popular cryptocurrency. The cryptocurrency covers a certain portion of the US dollar so it is one Removing is not an easy task at all.
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Already China ban crypto currency so normally it is prohibited. If they approve crypto currency again then i think they won't take the position because US dollar are established all over the world and reliable also authentic. In some sense i think it is impossible for china to implement cyypto instead of US dollar.
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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.
I think this has been discussed a lot and I think digital yuan from China is still difficult to beat US dollars. because US dollars is a currency that is very stable and has indeed been accepted by all countries around the world.
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Such issues are not resolved in one year. We are discussing this topic, since the Chinese economy is growing and strengthening and soon may indeed surpass the United States in terms of basic indicators. So anything is possible. The Chinese government prefers its own development path and this is quite often successful. However, other states do not stand still, and other states can wedge themselves into the confrontation between these states.
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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.
It seems difficult, yuan will replace the US dollar, although chinese is one of the biggest economis beside US.
because I always believe US goverment won't let that happen.
Th US goverment wil l always protect their USD and always has good strategy to against it.
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China has never been reckless or hastily in its activities, be it politics or economics. He always moves towards his goal, slowly but surely. Who could say half a century ago, when they melted metal in every house, that they would become such an economically powerful country, I think no one? And now that they plan to introduce the digital yuan and replace the dollar with it, I have no doubt that they will achieve it. This is CHINA, just like that with a capital letter.
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China has never been reckless or hastily in its activities, be it politics or economics. He always moves towards his goal, slowly but surely. Who could say half a century ago, when they melted metal in every house, that they would become such an economically powerful country, I think no one? And now that they plan to introduce the digital yuan and replace the dollar with it, I have no doubt that they will achieve it. This is CHINA, just like that with a capital letter.
Yes I think Chinese currency has potential to replace US dollar, but it will be big competition beet China and US.
I think we will see economic war of them.
But It is good for market . Let's see.
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Yes I think Chinese currency has potential to replace US dollar, but it will be big competition beet China and US.
I think we will see economic war of them.
But It is good for market . Let's see.
It will be good competition, If happened. US government will always have good strategy for their currency. even so China.
Yuan has potential to be, but US always keep it.
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China is really going to compete everything that the uS has. They have great power and also a great chance to get it. And about the currency, they may not replace it so easily. But I can see that China is really serious about it, to be more powerful on the currency
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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.
I think this has been discussed a lot and I think digital yuan from China is still difficult to beat US dollars. because US dollars is a currency that is very stable and has indeed been accepted by all countries around the world.
No, the yuan is the currency of China and will never replace the US dollar. I live near the border with China, but there is no yuan in circulation. The dollar is the most common currency in circulation today. Yuan is not needed by anyone except China itself.
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China is a competitor to the USA in all respects, but I think China's intention to make its currency into an international currency. I think it is difficult to realize it, where as USA has been a super power, China has only recently dominated the economies of developing countries.
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China is a competitor to the USA in all respects, but I think China's intention to make its currency into an international currency. I think it is difficult to realize it, where as USA has been a super power, China has only recently dominated the economies of developing countries.
Both are the biggest countries. It's difficult to happen yuan will replace the US dollars, But not impossible.
I think China government also will have good strategy to make their currency to be number one.
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Many things are changing in the world economy, the Yuan may not be able to beat the Dollar (although I personally believe that the Chinese currency will do it), but in recent days the United States has ceased to be the richest country in the world according to a report, now China is the richest country of the world.
If you want to read the report here is the link: https://www.bloomberg.com/news/articles/2021-11-15/global-wealth-surges-as-china-overtakes-u-s-to-grab-top-spot
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to beat the dollar I think it takes a very long time and of course requires a lot of money. because so far the dollar has a very high strength and of course many use the US dollar so it is difficult to beat and it seems impossible.
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Short term, no. I highly doubt that. Regardless, the Chinese economy is incredibly strong
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China is a competitor to the USA in all respects, but I think China's intention to make its currency into an international currency. I think it is difficult to realize it, where as USA has been a super power, China has only recently dominated the economies of developing countries.
China and the US have long been competing with each other in the economic and financial sectors. The influence of China is gradually growing in the world, so the role of the Chinese yuan will grow. First of all, the yuan will conquer regional markets and then expand further. While it is difficult to predict which currency will be stronger.
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China is a competitor to the USA in all respects, but I think China's intention to make its currency into an international currency. I think it is difficult to realize it, where as USA has been a super power, China has only recently dominated the economies of developing countries.
China and the US have long been competing with each other in the economic and financial sectors. The influence of China is gradually growing in the world, so the role of the Chinese yuan will grow. First of all, the yuan will conquer regional markets and then expand further. While it is difficult to predict which currency will be stronger.
China and US are the biggest of country.
Each other compete and have goal become the number one.
China, we know about this country.
Has good economic and financial.
I think China dominate in trade and industry.
I also have prediction, yuan will replace dollar at the coming future.
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it will be big competition if yuan will replace dollar.
US government will have many strategy to defend their currency.
So I think Not easy yuan will replace dollar.
Dollar is more popular and become standard currency in global.
China is the big companies that dominant in industry.
So, very interesting to see this competition.
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As the world slowly reduces it's dependency on oil, the US will gradually over time loose it's strong hold. Time at the top is limited as we can see from history.
The fact that you can only buy Oil (energy) with USD is what keeps it as the reserve currency.
It will likely be either the Yaun, or a new form of global currency eventually.
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China will constantly try to supplant the dollar or any other foreign currency. It is a normal and natural process. The struggle for the dominance of their own currency occurs in all states. But the outcome of this struggle directly depends on the state of their economies, territory, population, availability of natural resources and other factors. In this regard, China has many advantages over the majority of states. Economic, trade and financial wars between China and the US have been going on for a long time. Who will win here and who will oust whom, we cannot know. These wars will continue for a long time to come, with varying success.
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For the Chinese yuan to displace the dollar, something terrible needs to happen to the US economy. But so far this is not planned. And the economic and trade war has been going on between these two superpowers for a long time. It is quite possible that it will not be in favor of the United States, but in any case it is a lengthy process.
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Maybe one day but this can not be possible now. The PPP of the USD is indeed decreasing due to inflation and the reduction of USD in global trade but the USD still holds the economy. This petrodollar is the basis of global trade so to replace the USD we need to replace the USA from the number one position. This can be done in only one way and that is the destruction of the USA.
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Maybe one day but this can not be possible now. The PPP of the USD is indeed decreasing due to inflation and the reduction of USD in global trade but the USD still holds the economy. This petrodollar is the basis of global trade so to replace the USD we need to replace the USA from the number one position. This can be done in only one way and that is the destruction of the USA.
Yes, I also believe one it will happen, yuan will replace the US dollar.
China is one of the biggest economic of the world, but we should think about US government. they will keep their USD.
But anything can happen at the economic world.
Let's see what happen at the next.
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It is no secret that there is a struggle between the US and China for world domination of their economic systems, which is more manifested in the form of a trade war. Therefore, the displacement of one of the currencies, the dollar or the yuan, will be a reflection of this global confrontation between the two superpowers. I'm not going to predict which of them will win yet. It depends on many factors, and almost any of them can be decisive in this matter.
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I won't say anything about domination, but the fact that the yuan will take its piece of the pie and force the dollar to reckon with it is a fact.
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I won't say anything about domination, but the fact that the yuan will take its piece of the pie and force the dollar to reckon with it is a fact.
The economic and trade confrontation between China and the United States has been going on for a long time. In this regard, China seeks to strengthen the position of the yuan both in the world and in its region. I recently saw information that the Chinese government has instructed banks to prepare to dump the dollar. It is impossible to say unequivocally who will emerge victorious in this war. The yuan has fallen significantly in recent years. Russia held part of its reserves in yuan and suffered significant losses.
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although China is now a widely developed economic state, but replacing the dollar is a big word... it is possible to convince people with some kind of terminology like crypto-yuan, then there are chances, and it will be extremely difficult to replace the dollar with the yuan
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China has not been able to replace or beat the dollar because until now the strength of the dollar is still dominant and many use the dollar as legal payment in many countries, it may be different when the Chinese currency has been widely used in many countries, it has the potential to beat the dollar.
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I think it is difficult to change dollar domination although China has a stronger economy level in the future. Dollar will remain the global currency and its domination won't be replaced by others. Moreover, not many countries in the world are ready to use yuan as the most used money.