The internationalization of the Chinese renminbi has been the foremost objective which needs to be realized in order for the rebalancing of the international monetary system to take place. The plethora of policy adjustments and reforms to global institutions have all been building towards lower demand for USD denominated assets and increasing demand for RMB denominated assets.
Those working towards transforming and rebalancing the international monetary system have been managing in the direction of creating a framework which will be based on a multi-currency reserve system. This system would utilize predominantly the USD and RMB to achieve this rebalancing, with other currencies taking up the responsibilities which come with minor reserve positions.
One of the core methods by which these objectives can be reached is by China opening up their massive $9 trillion dollar bond market to foreign investors. This would create the dollar alternatives which will assist in shifting the wealth of the world. This shift will free the USD up for some much needed devaluation. It will also assist in stabilizing the renminbi and encouraging a much needed appreciation.