I. IntroductionToday, the need to manage the world's dependence on the dollar is a recognized and often addressed issue on academic and policy platforms globally.1 Since the 2008 global crisis, the worst financial crisis since the 1930s, there have been and to be a considerable debate not only among leading economists but also among major nations around the world, to try to find alternatives to the dollar. In the wake of the recent government shutdown, China has also called for a new “de-Americanized” world order.2 In his essay, titled “Reforming the International Monetary System,” Zhou Xiaochuan, governor of the People's Bank of China, suggested replacing the dollar with the IMF Special Drawing Rights, or SDR, as the world's new super sovereign reserve currency (Xiaochuan 2009). Economist Barry Eichengreen, in his book Exorbitant Privilege, however, suggests that implementation of China's SDR proposal will remain an unrealized dream. This is because, as Eichengreen points out, China has other plans – “namely to establish the renminbi as an international currency” (Eichengreen 143). This prediction is in fact a current reality, as the Chinese have, over the past two or three years, actively sought to internationalize their currency. In Exorbitant Privilege, Barry Eichengreen reiterates this concept and argues that although the future of the Chinese renminbi as a global reserve currency seems possible, China still has a long way to go. So, there is a light at the end of the tunnel, but the light is still far away and the journey to the end of the tunnel is not even halfway accomplished.II. The Renminbi as a future global currency“The challenge (of China...... middle of paper ......and International Monetary System. Oxford University Press, 2011. Print.2. Eichengreen, Barry. "The Renminbi as international currency." Berkeley.edu. University of California, Berkeley, nd Web. 18 November 2013. .3. "Prof Barry Eichengreen on the prospects of renminbi internationalization." Asian Development Bank. http://www.youtube . com/watch?v=r2BoMhzDfaU. November 18, 2013. Schuman, Michael “Is the Chinese Yuan Becoming a Rival to the Dollar?”: Webpage .5". 2013. .