Will Chinese yuan replace US dollar as the global reserve currency?

Will Chinese yuan replace US dollar as the global reserve currency? - The Economic Times:

'via Blog this'

When the world economy heads into a crisis, the international currency system often breaks down. This occurs either because debtors can't meet their obligations, or because creditors fear they are not being repaid in sound money.

The first condition exists today in the euro zone; the second is likely to emerge in the China-US relationship. So how might these conditions change the system? Much discussion concerns whether the US dollar will be replaced as the global reserve currency by the Chinese yuan or whether it will simply be one of a number of reserve currencies that includes the euro, yuan and yen.

The global reserve currency is the one that forms the largest proportion of the holdings of central banks. More broadly, it is also the currency most likely to be accepted by merchants worldwide. In my view, the debate about whether the dollar will be replaced by the yuan is a bit of a red herring because such a shift will not occur quickly.