Renminbi Will Be Among Dominant World Currencies

     A new report from The World Bank predicts that China's renminbi will join the U.S dollar and the euro as dominant¹ international currencies sometime in the next 10 to 15 years. Some economists³ say is a major realignment in the global economic order, with developing countries playing a more dominant role.

    The World Bank report Multipolarity: The New Global Economy focuses on the growing economic power and influence of leading emerging markets that include China, India, Brazil, South Korea, Russia and Indonesia and several other developing countries.

    Half of economic growthMansoor Dailami, a senior economist² at the World Bank says by 2025 those countries could account for about one half of all global economic growth.

    Dailami says a major indicator⁴ of the country’s future economic growth is the number of companies that invest and do business abroad. He says between 1997 and 2010 the bank identified 10,000 companies from developing countries involved in cross-border transactions.

    “That you see more and more companies from India, from China, from Indonesia, from South Africa, from Brazil, from Mexico, these companies are venturing outside in terms of the production, in terms of the investment, in terms of their financing. In short these companies are becoming multinationals,” Dailami explained.

    Prominent(突出的) roleOf the emerging economies, he says China is posed to play the most prominent role in setting global economic policies. Dailami says China is already taking steps to make the renminbi a dominant international currency like the U.S. dollar and the euro.

    “It’s a way of China diversifying⁵ its huge amount of foreign exchange risk. Right now China as I say is the second largest economy, the largest exports in the world, but China borrows and lends in a foreign currency, not its own currency,” Dailami said.

    ReservesHe says China holds $3 trillion in currency reserves and as the dollar continues to drop in value, so too does the value of China's reserves. Establishing the renminbi as an international currency that reflects China's strong economic position, could protect it and other countries from fluctuations⁶ in the stagnant⁷ economies of Europe and America.

    The renminbi is not presently an international currency in part because China does not allow it to be converted at free market rates.

    But Dailami says Beijing is moving in that direction by increasingly using renminbi in international transactions and by allowing an off shore market in Hong Kong to issue bonds and banks loans in Chinese currency.（本文由在线英语听力室整理编辑）

1 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

2 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

3 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

4 indicator   

n.指标；指示物，指示者；指示器

参考例句：

• Gold prices are often seen as an indicator of inflation.黃金价格常常被看作是通货膨胀的指标。
• His left-hand indicator is flashing.他左手边的转向灯正在闪亮。

5 diversifying   

v.使多样化，多样化( diversify的现在分词 )；进入新的商业领域

参考例句：

• Some publishers are now diversifying into software. 有些出版社目前正兼营软件。 来自辞典例句
• Silverlit is diversifying into new markets, such as Russia and Eastern Europe. Silverlit正在使他们的市场变得多样化，开发新的市场如俄罗斯和东欧国家。 来自互联网

6 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

7 stagnant   

adj.不流动的，停滞的，不景气的

参考例句：

• Due to low investment,industrial output has remained stagnant.由于投资少，工业生产一直停滞不前。
• Their national economy is stagnant.他们的国家经济停滞不前。