“The Chinese government announced that the renminbi will become directly convertible with the Singapore dollar… effective tomorrow morning.  It’s clear this deal has been in the works for a while, and it’s another major step towards the continued internationalization of the renminbi and unseating of the dollar as the world’s dominant reserve currency.  For decades the renminbi has been a tightly controlled currency. It’s only been in the last few years that the Chinese government started loosening those controls, primarily in response to the obvious need for a dollar competitor. China is taking the lead in providing the world with another option.”

http://www.sovereignman.com/trends/the-dollar-decline-continues-china-begins-direct-convertibility-to-asias-1-financial-center-15435/

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