Chinese yuan is the only currency on the horizon which can challenge the US dollar to become the world’s reserve currency in the future, says financial commentator and international investor Jim Rogers.
The elite club of reserve currencies used by the International Monetary Fund has a new member, the Chinese yuan.
The list previously had four major world currencies the US dollar, the euro, the British pound and the Japanese Yen. The Chinese yuan, also known as 'renminbi', is the fifth most-used currency in international transactions.
Until 2005 it was tied to the US dollar meaning that when the dollar fluctuated up or down against other currencies, the value of the yuan would move with it.