China May Challenge U.S. Dollar Within Decade

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China's currency could pose a challenge to the U.S. dollar's global dominance within a decade, according to a special commission appointed by Congress.

The U.S.-China Economic and Security Review Commission said China is quickly becoming a more advanced economy with gains in technology and research.

The 12-member bipartisan commission urged Congress to mandate a comprehensive White House National Security Council review "to determine the need for changes to address the increasingly complicated and serious challenges posed by China to U.S. international and domestic interests."

Chinese authorities are paving the way for making their currency stronger internationally by bilateral arrangements with foreign companies and financial centers, particulary Hong Kong.

William Reinsch, this year's chairman, told Reuters in a telephone interview that he did not expect the yuan to "supercede" the dollar in coming years unless Beijing floats its currency and removes capital controls.

However, "certainly what they're doing in Hong Kong suggests an impending challenge," Reinsch said.

The commission presented their findings in a 416-page report on Wednesday.

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