Analyst's note: With the sky-high American debt, the World Bank is now pushing Chinese currency. Could both events be a part of the "managed decline" of the U.S. dollar that George Soros talks about?
"[....] China is set to gain a bigger say in the World Bank after a restructuring last year to boost the voting power of developing countries. If approved, China will be the third-biggest voting power after the United States and Japan.The World Bank provides low-interest loans and technical assistance to developing countries.
[....] Analysts say Beijing wants to see the yuan, also known as the renminbi, or people's money, become a global currency like the dollar or euro, though that could take years or decades.
Increased use of the yuan abroad could help China by reducing the exchange-rate risks faced by its exporters, who now are paid mostly in dollars. [....]"