"More longer-term, China would like to see the renminbi rival the U.S. dollar's status as a global reserve currency. But this is going to take a long time," Leather says. "China's current and capital accounts need to be fully convertible before that can happen. That's no where near the case at the moment, and it's going to be a while before the renminbi even starts to challenge the U.S. dollar for that status."

Chinese President Hu

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