The Yuan As New Global Reserve Currency
However, it will be several more years before we start seeing oil quoted in yuans instead of U.S. dollars. First of all, the Chinese must make the yuan fully convertible. Something they will likely do eventually, but it will probably not happen during the next few years. And secondly, China must overtake America in economic size, something which will take at least another decade.
But some time (not too many years) after 2020, China will establish itself as the dominant economic power. And by that time, the yuan/renminbi will probably be fully convertible- and then it will overtake the U.S. dollar as the "reserve currency of the world", just like the U.S. dollar once overtook the U.K. pound.