China has quietly taken a huge step toward supplanting the dollar as the world’s reserve currency. A report from the Peterson Institute for International Economics concludes a “renminbi bloc” has formed in East Asia. That is, since the Panic of 2008, seven out of 10 major economies in East Asia have tracked the renminbi closer than the dollar. That includes South Korea, Indonesia, Malaysia, Singapore and Thailand. The lone holdouts are Hong Kong, Vietnam and [...] The “Renminbi Bloc”: China’s next step to the end of dollar supremacy appeared in the Daily Reckoning . Subscribe to The Daily Reckoning by visiting signup for an Agora Financial newsletter .