World News

I don't think China plans to turn RMB into any sort of reserve currency either, but it is starting to play that role to an extent now because it's the most useful currency outside the USD right now. Pretty much all countries import stuff from China, so holding RMB makes sense because you can always convert it into something useful that you need. This is why we're seeing trade outside the dollar increasingly happening in RMB. However, I do think the long term plan will be to create some sort of a BRICS currency that will be used to do exchange and it looks like it's likely to be modelled on the Bancor idea that Keynes proposed after WW2.