All of a sudden, the renminbi is being touted as the next big international currency. Just in the last year or two, the Chinese currency has begun to internationalize along a number of dimensions. A RMB bond market has grown rapidly in Hong Kong, and one in RMB bank deposits. Some of China’s international trade is now invoiced in the currency. Foreign central banks have been able to hold RMB since August 2010, with Malaysia going first. Some are now claiming that the renminbi could overtake the dollar for the number one slot in the international currency rankings within a decade.
Frankel, Jeffrey A. "The Rise of the Renminbi as International Currency: Historical Precedents." VoxEU, October 10, 2011.