"China's yuan could rapidly become an internationally used currency and serve as an alternative to the U.S. dollar in central bank reserves, the Asian Development Bank said in a report on Thursday.
"The renminbi has yet to become an international currency. It could become one much more quickly than many anticipate," the ADB said in a joint study with Columbia University's the Earth Institute.
"The internationalization of the renminbi has the potential to become an alternative to the U.S. dollar -- as did the euro -- and help nudge the global reserve system toward a multi-currency reserve structure," it said.
The study, undertaken by 11 economists from around the world, including academics Joseph Stiglitz and Barry Eichengren, did not provide a timeline for when the yuan could become a reserve currency..."
at http://www.reuters.com/article/idUSTRE65N1H720100624
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