While cynics scoff at the idea that the yuan could some day become a regional or a global currency, China's efforts to push loans and trade in yuan in Asia suggest it is taking the first, albeit tiny, step in that direction.
The yuan's journey from a controlled, partially convertible currency to a liquid, regional medium of exchange will be a long one, because of the desire of the Beijing government for economic stability.
In addition, Beijing has always been wary of moving too quickly to open up its markets, fearing that such a move might leave its economy vulnerable to sudden shifts in capital.
More from this article at International Herald Tribune
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