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The Asian Development Bank says in a report that China's yuan could rapidly become an internationally used currency, and serve as an alternative to the U.S. dollar in central bank reserves.
The report was made jointly by the ADB and Columbia University. The study was undertaken by 11 economists from around the world, including academics Joseph Stiglize.
The bank didn't provide a timeline for their predictions. Most analysts expect it to be fully convertible by 2020, the target date set by China to make Shanghai an international financial center. Global financial markets have focused intensely this week on the yuan after the central bank pledged to increase the currency's flexibility.
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