The Chinese government is planning to construct an Asia-based economic bloc based on the Chinese Yuan.

The main ambition of this project is to transform the Yuan into a currency that is capable of replacing the U.S dollar in the world economy.

The Yuan was added to currencies that constitute the special drawing rights of the International Monetary Fund on Oct. 1. The inclusion means that the Yuan has attained the highest level of trust accorded to an international currency.

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Currently, the US dollar is the favorite form of settlement in trade and crossover investment.

The addition of the Yuan in the SDR is seen as another step in China's quest to become the world's foremost economic powerhouse.

The dream for the Yuan to replace the dollar as the world's key currency began in 2008 following the occurrence of what is usually referred to as the "Lehmann shock," in which the financial services firm of the Lehmann Brothers filed for bankruptcy. The financial panic that followed spread rapidly from the United States, leading to massive losses for world industries.

It was Beijing that came to the rescue, approving government expenditures amounting to 4 billion yuan, or approximately $578 million.

That powerful blow to the U.S dollar was the opportunity that China needed to begin plotting for its currency to be at the forefront. 

Under President Xi Jinping, China's efforts to become a currency giant have accelerated. Through the slogan "Chinese dream," President Xi has promised to "revive the great nation under  socialist modernization" by 2049.

Tagschina, yuan