The Renminbi rises, but is no match for the dollar (Eswar Prasad, Brookings)

October 1 marks a symbolically momentous day in the annals of international finance. On that day, the International Monetary Fundy (IMF) will officially anoint the Chinese renminbi (RMB) as an elite global reserve currency. The RMB will join the select basket of currencies (currently comprised of the dollar, the euro, the Japanese yen, and the British pound sterling) that constitute the IMF’s artificial currency unit, the Special Drawing Rights. It seems clear the RMB is taking the world by storm and reshaping global finance.

https://www.brookings.edu/blog/future-development/2016/09/30/the-renminbi-rises-but-is-no-match-for-the-dollar/