It may be only another form of paper, but the free market is clearly at work here: “RMB increases its influence in neighboring areas” (Xinhua): “The Renminbi (RMB) circulation in neighboring countries and regions is preparing the ground for its future goal of becoming a currency that can be exchanged freely on the international market, an official with the central bank told the Beijing-based Outlook news magazine recently. The RMB, which is now being accepted by more and more people in Hong Kong, Taiwan and neighboring countries, is tending to become a kind of regional currency, the official said.”
Hayekian Competition
