The influence of Chinese tourists and consumers will become so great over the coming years it will become routine for the Yuan, known officially as the renminbi, to be stocked alongside the Pound, euro and US Dollar.

Dr Karl Gerth, from Oxford University's Faculty of History, has studied the growing worldwide influence of the Chinese consumers in difficult economic times.

He predicts that a growing number of UK and US brands will soon come under Chinese ownership. He also claims that British shops will soon need to stock stocked due to unprecedented demand from Chinese tourists.

He makes his predictions in a new book titled “As China Goes, So Goes the World: How Chinese Consumers Are Transforming Everything, which is based on five years of research and his experience in the Asian nation over the past 25 years.

"Already shops on Bond Street (central London) are accepting renminbi from Chinese tourists and in years to come the tastes and desires of Chinese consumers will have to be at the forefront of every successful shop owner’s commercial considerations," he said.

"Many Chinese want Western experiences and lifestyles, and these desires are fuelled by intensive advertising.

"With China's huge population and spending power, it is no surprise that big firms are bending over backwards to meet the demands of the Chinese consumer."

Dr Gerth, from Merton college, said China's acquisition of Western firms has "established them as the world's next branding superpower". He said during his travels he found that Chinese people, particular in rural parts were very familiar with "all these American brands".

"China doesn't simply want to buy Western goods," he said.

"Chinese want to create internationally competitive brands of their own, and if they can't spread brands which originated in China around the world, the natural alternative is to seek to take over brands which are already established.

"Simply put, for all the West’s concerns about China, our economy needs Chinese consumers to continue to adopt Western lifestyles in order to keep our own economy afloat."

He added: "Chinese want experiences like studying and higher education, especially overseas in the UK or America.

"They are interested in leisure travel and we are just beginning to see a huge number of Chinese tourists travelling all over the world."

A recent study published in the journal Tourism Economics found that the Chinese made 3.67 million passenger trips to Europe last year, an increase of almost a fifth on the previous year. It also found that every Chinese package tour to Britain is now "expected to include luxury shopping".

Separate figures show that Chinese buyers now represent almost a third of luxury goods market in Britain. British shoppers only make up around 15 per cent.

Despite the recession, the number of "rich" tourists travelling throughout the country increased last year by almost a fifth, to 10 million visitors, according to further figures from VisitBritain, the Government-funded tourism agency.

"In less than a decade, China has gone from an almost insignificant consumer to a key consumer of global luxury brands," Dr Gerth said, adding that China had also become "the world's largest consumer of luxury cars".

His comments come amid growing concern about China's foreign exchange rate policy.

This week, Ben Bernanke, the US Federal Reserve Chairman, urged Beijing to let the value of its yuan currency rise.

In rare criticism of another country's financial policies, Dr Bernanke called this week's interest rate hike by China's central bank, which was aimed at fighting high inflation, a "surprising" way to curb prices.

He instead urged Beijing to allow a rise in the value of the yuan.

"The renminbi is undervalued," Bernanke told a hearing of the House of Representatives budget committee. "It would be both in our interest and in the Chinese interest for them to raise the value of their currency. And it would help them with their inflation problem."

Ma Zhaoxu, Foreign ministry spokesman, later told reporters that Beijing's controls on the yuan were in the country's "long-term interest", while pledging it would continue to push forward reform of the currency regime.

Meanwhile, Dr Gerth said that exact number of British companies being taken over by Chinese firms was unknown but "whatever the number, it will be a lot higher in the next few years".

"Recent takeovers of MG Rover and Volvo by Chinese companies are just the tip of the iceberg," he said.

"Some of the most established brands in the world will come under Chinese ownership in years to come, and it will be interesting to see what impact this has on the brands.

"Remember, the global community has been demanding the Chinese appreciate their currency for the last few years by up to 20 per cent. Suddenly British assets will be up to 20 per cent cheaper."

He added: "If you were shocked when MG Rover became a Chinese company, just wait a few years."