In an article in China Securities Journal, Liu Zhenyi, President of China Investment Corp. International (Hong Kong Branch), said that China will have to continue purchasing goods in U.S. dollars, but China should no longer increase its holdings of the U.S. national debt. Liu also said that he believes the Chinese renminbi will be able to be exchanged freely within the next five years. Furthermore, since East Asian economies are becoming more confident in the renminbi, it is anticipated that the renminbi will gradually be used as the standard unit of trade among East Asian economies.
Source: China Securities Journal, November 18, 2010
http://finance.ccstock.cn/hongguanjingji/2010-11-18/A323308.html