The growing importance of China in the world economy has raised the questsion: Can its national currency, the Chinese Yuan (CNY), become a major international currency? This paper examines whether the Chinese Yuan (CNY) has substituted the US dollar (USD) as the major anchor currency in the implicit currency baskets of some economies. A SVAR approach has been adopted to study the currency anchor effect of nine developing economies as well as G3 economies. The results show that in the aftermath of the global financial crisis, the exchange rate fluctuation of CNY imposes increasingly strengthening impacts on other currencies, while the exchange rate fluctuation of USD imposes generally weakening impacts, leading to the fact that the CNY anchor effect is becoming stronger than the USD.