It’s going to happen eventually. Fiat currencies just don’t last.
The exchange rate of the yuan hit a 19-year high as it traded at 6.2417 yuan per dollar.
The Chinese are clearly not supporting the dollar any longer.
According to a survey conducted by HSBC, 77 percent of Chinese companies expect one-third of all Chinese trade to be conducted in the yuan by 2015, and 30 percent plan to use the yuan in investment related activities in the next 12 months.
Thanks to decades of Federal Reserve money printing, the world is stuffed with dollars. Once, foreign operators choose to hold funds in non-dollar forms, the crash of the dollar begins.