&gt; Anyone who follows the work of Randall Wray and Bill Mitchell knows this is a terrible idea.<p>Retiring the domestic currency is an existing policy that this article is only tangentially about.<p>Adding the yuan to the set of currencies support by the government for public uses <i>given</i> the absence of a domestic currency is the subject of the article.<p>&gt; Relinquishing sovereignty of your currency (or pegging it to another currency or commodity) only narrows domestic policy space.<p>Once your currency has so little credibility that no one is using it in practice, its advantage in terms of domestic policy options is minimal, anyway.