"Since the United States currently controls the de facto global reserve currency for now because of its agreements with the Middle East to have oil sales done only in dollars, it is very interesting to see a Western bank suddenly rush to become the first nation to facilitate the portability of another major currency that is quickly accelerating in strength to both threaten, and perhaps overtake the dollar in recognized international trade. And on Sept. 12, the British Chancellor of the Exchequer announced that they were going to be the first nation outside of China to issue a bond denominated in Yuan, and open the door for other nations, especially those within the EU, to break away from dollar hegemony and start the Chinese currency on the path of one day usurping the dollar as the primary global reserve currency.
And with Russia already in the process of selling its oil to nations in both the Rouble and the Yuan, the foundation of the petro-dollar may soon be eradicated as well, leaving the U.S. without a reason to remain the caretaker of the staple for international trade..."
at http://www.examiner.com/article/britain-fully-preparing-for-the-yuan-to-be-the-next-global-reserve-currency
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