The Idea Department

The Idea Department is a space for the discussion of politics, economics, global affairs, ethics, international relations, and related topics - brought to you by the staff and interns at Project Syndicate.
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The Renminbi Challenge
Barry Eichengreen, former senior foreign policy advisor to the IMF, looks at the likelihood of China’s success in turning the RMB into one of the world’s reserve currencies.
"…as a step toward making the renminbi a reserve currency, China signed currency-swap agreements with the Philippines, South Korea, Japan, and Australia. Meanwhile, Malaysia, Nigeria, and Chile have already acquired modest amounts of renminbi reserves. Other central banks are expected to follow…So, will China’s plan for transforming the renminbi into an international rival to the dollar succeed?”
(Illustration by Paul Lachine)Read the entire article here: Project Syndicate

The Renminbi Challenge

Barry Eichengreen, former senior foreign policy advisor to the IMF, looks at the likelihood of China’s success in turning the RMB into one of the world’s reserve currencies.

"…as a step toward making the renminbi a reserve currency, China signed currency-swap agreements with the Philippines, South Korea, Japan, and Australia. Meanwhile, Malaysia, Nigeria, and Chile have already acquired modest amounts of renminbi reserves. Other central banks are expected to follow…So, will China‚Äôs plan for transforming the renminbi into an international rival to the dollar succeed?”

(Illustration by Paul Lachine)

Read the entire article here: Project Syndicate

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