Mr. Wheatley said the hitch is a lack of liquidity for the currency outside of China.
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"There are the questions of the impact of the Asian currency crisis on China and the effectiveness of the Japanese fiscal stimulus, " says Philippine Central Bank Governor Gabriel Singson.
The published figures for the breakdown of reserves by currency omit China, even though the country accounts for a fifth of foreign-exchange reserves.
There are many who think that strengthening the value of China's currency won't mean American jobs lost to China in the past decade return to US shores - the jobs will simply go to the next low-cost country like Vietnam or India.
To maintain its currency peg, the People's Bank of China has to create enough yuan to satisfy foreign demand for the currency at the going rate of 8.3 yuan to the dollar.
ECONOMIST: The Chinese fear inflation; the Japanese long for it
Meanwhile, the People's Bank of China is guiding the currency higher and set the median point of its permitted daily trading band last week at the strongest level ever.
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Reserve accumulation, an indicator of the degree of Chinese intervention in the currency market, has slowed markedly since the third quarter of 2011 as China buys less U.S. debt.
As China's central banker, Mr Zhou is likely to face growing calls from Japan and the United States for a revaluation of China's currency, the Yuan, to reflect the strength of its fast-growing economy.
In a speech, Mr Greenspan challenged the idea that China's pegging of its currency against the dollar was harming US jobs.
Backing out of the reserve currency issue and up to the arguably more profound level of culture and belief, China is not interested in a unipolar world.
The same is true of China, which has a currency peg to the dollar and is thus fully exposed to the rising oil price, and has also, like many other developing countries, become much more reliant on oil in recent years as their economies have moved from agriculture to heavy manufacturing.
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The same is true of China, which has a currency peg to the dollar and is thus fully exposed to the rising oil price, and has also, like many other developing countries, become much more reliant on oil in recent years as its economy has moved from agriculture to heavy manufacturing.
"The value of China's currency is determined by the market fundamentals, not by any politicians, " Cui replied.
When adjusting for the impact of refranchising its business in China and foreign currency exchange rates, the company said revenue rose 4.4 percent.
The Stoxx 600 banks index was up 0.5%, despite a report that the Bank of China has suspended currency swaps with European banks that had troubling euro exposure.
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The most famous example is the issue of China's currency.
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In commenting on the article, the reader hinted at a few of the reasons why China is making specific bilateral currency deals with Russia, the United Arab Emirates and Turkey, and why we can expect to see more of these types of arrangements in the future.
Even as the crisis was still raging, in March 2009, Zhou Xiaochuan, the governor of the People's Bank of China started to talk about moving to a different kind of international currency system, with better alternatives to the dollar.
This was both insurance against another run on the rupiah and part of China's experiment with using the yuan as an international currency.
That reduction in cost can be passed on to foreign consumers in the form of lower export prices, which could mitigate entirely the intended effect of the currency adjustment, which is to reduce U.S. imports from China.
FORBES: Economists Ignore the Facts in Supporting Chinese Currency Legislation
The governor of China's central bank called for a new world reserve currency to replace the dollar , which he suggested could be issued by the IMF.
The question of how much time has been bought for China depends on how flexible the currency will become.
After these remarks, the head of China's central bank called for the creation of a new international currency reserve to replace the dollar.
CENTERFORSECURITYPOLICY: Will Brazil and China abandon the dollar?
The currency is closely monitored by the Central Bank of China and in the spot market, is allowed to rise or fall by 1 percent from the set parity rate each trading day.
In order for China to be on par with the U.S., in terms of gold reserves to currency ratio, China would have to nearly quadruple its gold reserves.
While GDP growth for the region is expected in the 4% to 5% range, in line with the East Asian Tigers, currency pressures and inflation, along with the possibility of a substantial slowdown in either Brazil or China, pose huge risks for the region.
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The currency peg of the Yuan against the dollar, which China has enforced with varying degrees of exactitude over the past few decades, has helped the Chinese government exert greater influence over the growth and contours of its economy.
FORBES: Germany And China Have The Gold And Will Make The Rules
Other gold investors believe that continued weakness in the dollar will attract more gold investors like the central banks of China, Russia and India, who see the precious metal as an alternative to paper currency.
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