The rise of the Chinese currency to challenge the dollar's dominance has global geopolitical implications, says Alan Wheatley, editor of the 2013 book The Power of Currencies and Currencies of Power.
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As an increasing number of countries boost their trade and investment ties with China using the Renminbi, they will take an increasing interest in the growth of the Chinese economy, he says.
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For example, earlier this year, Reserve Bank of Australia Deputy Governor Philip Lowe said his country's central bank plans to invest about 5 percent of its foreign currency reserves in Renminbi.
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"This means that Australia has an increasing interest in China and wants it to do well, because Australia would have some interest in the strength of the Chinese currency," Wheatley says. "Nobody wants to own an asset that cannot be used anywhere."
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 The rise of the Chinese currency to challenge the dollar's dominance has global geopolitical implications, says Alan Wheatley, editor of the 2013 book The Power of Currencies and Currencies of Power.
