The other shoe dropped - from the BEEB:
China's yuan set for IMF reserve status
The International Monetary Fund (IMF) is expected to announce on Monday that China's currency, the yuan, will join the fund's group of international reserve currencies.
Just the US dollar, the euro, Japan's yen and the British pound are currently part of this select band.
Earlier this month, IMF head Christine Lagarde backed the yuan's inclusion.
If the decision is made, the yuan is likely to join the basket next year, experts said.
The article does make passing mention of why this would be a bad idea:
Concerns about Beijing keeping the yuan artificially low to help exporters is one reason why the currency has previously failed to meet the criteria for reserve currencies set out by the IMF.
Actually, the "value" of the yuan is completely controlled by Beijing and has no connection with China's real economic status. They are in the middle of a couple of bubbles right now (Google ghost cities for one) and when these pop, their economy will be in dire straits. The fact that they are holding most of our national debt will make this bad for us if the Yuan is allowed to devalue (inflate) as it will increase the amount that we owe them.
