China's renminbi won't overtake the U.S. dollar any time soon: Expert

In China, October First is a holiday marking the anniversary of the Communists takeover of the country. But this October First will be another historic day for China. Its currency, the renminbi (RMB), will join the U.S. dollar, the Japanese yen, the British pound, and the euro as a reserve currency for the IMF. However, Eswad Presad, professor at Cornell and former head of the IMF’s China division, doesn’t think too much should be expected from the currency any time soon despite its new status.