Tsinghua economist outlines RMBÆs future role

Yu Qiao, an economics professor at Tsinghua University in Beijing, says the best way for China to rescue itself from a dollar trap is to gradually transform the renminbi into a regional currency on par with the dollar and the euro.Speaking yesterday at AsianInvestor's fourth annual investment summit in Hong Kong, Yu also called for the creation of a "crisis relief facility" to ease China and America out of the current financial and economic crisis.Yu says the establishment and then br…