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Future yuan movements will tell the tale.
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It has now abandoned that policy and said that in future the yuan's exchange rate would be determined by demand and supply and movements in other major currencies.
Of course, China could strive right now for a major role for the SDR, and repudiate that in the future when the yuan moves towards becoming a reserve currency.
For the foreseeable future, the Chinese Yuan also cannot become the world's reserve currency, and can at best continue to act as a regional invoicing currency among trading partners.
Last week the Chicago Mercantile Exchange announced that its London trading centre would offer offshore yuan futures, allowing financiers to trade and hedge on movements in China's currency.
Some economists argue that a big one-off revaluation would help to stem inflows by reducing the expected future appreciation of the yuan.
Similarly, the yuan's future real appreciation could come through faster inflation in China than in the United States.The Big Mac index is most useful for assessing the exchange rates of countries with similar incomes per head.
The helicopter buzzing back and forth across the skyline represents the financial centre's more yuan-denominated future.
And China stands alone in the group for making significant progress in establishing the yuan as a future global currency.
That charge brought ICBC's cumulative bad debt provision--its reserve against future NPLs--to 167 billion yuan ($25.3 billion), just under 2.5% of the value of its entire loan book, which stood at 6.8 trillion yuan (a little over $1 trillion) at the end of 2010.
Another reason for China to pursue an international status for the yuan is its current and future trade structure.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com