●Will RMB internationalization have a significant impact on the global financial system? My short answer is: it may possible do so in the 22nd century but highly unlikely in this century.
●Why do I think so? First of all, there are too high hurdles for the RMB to become a major international currency in the near future. Secondly, the euro and the Japanese yen are major international currencies next to the US dollar, but they have had much smaller influences over the international monetary scene, to say nothing of the international monetary system. The predominance of the US dollar in the system is far greater than the numerical share of the US economy in terms of GDP or international trade suggests, and this picture has hardly changed over decades.