The thing that's missing right now is an acceptable alternative. There's really nothing out there in large enough scale to withstand massive capital flows, and as I have written before, the game is now one of judging the 'least worst' of these three major currencies. In what seems to be a 6-month cycle, the dollar and euro have been jockeying for the 'worst of the worst' title; markets focus on Greek woes for a few months, then turn their attention back to California and Obamanomics. With Bernanke's "100% certainty" and nonsensical economic numbers coming out of the America's Ministry of Truth (Newspeak: USMiniTruth), we seem to be back in a period where the markets are more concerned with Europe. I think that Japan will be called to the carpet before too long as well. Full story here. good reading. http://www.sovereignman.com/expat/when-will-the-renminbi-overtake-the-dollar/ comments?