Not too long ago, more than a few KOLs predicted the demise of USD and the hegemony of Renminbi (or Yuan). Today, they rather talk up the Tiangong space station. None of them are down-to-earth enough to check back on their earlier currency predictions. Don't get me wrong. Chinese people are good enough to make Renminbi a leading international currency, as they are good enough to send their spacemen/women high and above our planet. But first, we need a reality check on where USD and RMB stand. No currency can lift itself up on a wish. No rocket can lift itself up on a wish, either. Reality matters. Ask the People's Bank of China, if you can. You probably can't. Then ask yourselves the following questions:

(1) Can the CCP allow RMB to float in the international market? 

(2) Can the CCP allow Chinese people to invest abroad freely?

(3) Can the CCP allow itself to do away with the Firewall?

(4) Can the CCP allow China to be a land of law instead of a land by whoever's law?

Author: Lingyang Jiang