GOLDILOCKS
"The Yuan is the world's fifth most-used currency for trade. The IMF, which is due to review the basket's composition later this year, must deem any new currency "freely usable," or convertible - seen as a key obstacle for the Yuan, also known as the Renminbi. But the Fund also could change its criteria, or have a phased entry for the Renminbi after it meets the standards, as some officials have suggested."
Since the time of the quote above, the Renminbi has been included in the Special Drawing Rights of the IMF. There's even a bill that includes special recognition of China's currency and it's role in the future global economy.
Below, you will see a link to the dollar act legislative bill currently in the introduction phase. It states inside the introduction that digital dollar has to be formed this year. This means that the Stablecoin for the United States dollar is and will find its regulations completed for trade inside the new QFS.
Currently, the WTO is in process of currency reforms this year. They are adjusting percentage prices among several countries' goods and services to make trade among nations a "More Level Playing Field." These changes will have corresponding exchange rate adjustments through a re-indexing process.
Meanwhile, China's currency in trade is increasing in volume and part of the WTO's evaluation for the revaluation of the Eastern half of our World's currency values.
Role of the Renminbi:
"An SDR allocation is a way of supplementing Fund member countries' foreign exchange reserves, allowing members to reduce their reliance on more expensive domestic or external debt for building reserves."
© Goldilocks
http://www.pbc.gov.cn/english/130721/3154437/index.html#:~:text=The%20new%20SDR%20basket%20includes,percent%20for%20the%20Pound%20sterling.
https://www.congress.gov/bill/118th-congress/house-bill/556
https://www.nasdaq.com/articles/rocky-start-set-wto-talks-up-for-minimal-results
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