Chinese Yuan’s Ascent to Global Reserve Status: A Timeline

It seems you know a lot about the Chinese.Maybe it's smear.

This is basically a copy and paste of your previous post https://news.ycombinator.com/threads?id=ting_bu_dung without even bothering to correct the most glaring error pointed out by others. I say this is pretty disrespectful to users who are interested in real discussions.

Re: "non-event"

This could be a big step in the direction of displacing the US dollar as a global reserve currency, replacing it with the SDR. Maybe it is a non-event because the effects won't be instantaneous, but they very well might be game changers.

I am not an economist, nor could one easily convince me that the petrodollar and the artificially increased global demand for US dollars that result from it are insignificant. We will likely be seeing this change, soon. This all relates and touches on what seems to me, critical components of the world economy. Maybe a non-event - for a little while.

Such short term thinking. Nothing in your post about the next fifty years. Basically everything you describe are policy choices that can be reversed over time.

Consider that Australia didn't even have a currency 70 years ago and didn't even float their dollar until the 1990s! Now the AUD is a decent chunk of the reserve basket.

US does plenty of printing and currency manipulation too via the Fed.

It's ridiculous to think that one national currency should be the international reserve. We're just in an awkward period. It will be a blend of all currencies with China becoming a bigger portion over time.

Not yet, but eventually that is supposed to be the goal.

Both the Brexit effect and the speculative chaos you propose are very short term. The fluctuations do not correspond in any way to the performance of the state and economy backing these currencies. Therefore, I think that if it benefits CNY, then only for a short timespan. However, if the US really tightens the screws on international trade, it will suffer longterm and so will its currency.

(And yes, I find the prospect of closed markets, increased tariffs and the like dreadful. There is no reason for the US to do that. This is different from Brexit though, since the EU conditions free movement of people and huge bodies of law on the trade agreements. A post-Brexit Britain may have more free trade than ever before since it can do its own agreements with any country - like any sovereign nation should.)

Actually, because of brexit, Europe will get rid of pro-China England, and will be able to impose alot of anti-dumping restrictions to China.

Another possible source of speculative chaos might be any fallout if Deutsche Bank collapses. I have seen some really negative news articles about DB lately.

The Chinese are also buying a ton of real estate in China. It just happens that a lot of Chinese have immigrated to Canada, especially Vancouver, and so tell their relatives about the place, and many of them have fairly wealthy relatives who are all too eager to snatch up the rapidly rising real estate.