Bloomberg (February 2)
“The US president’s stance toward the greenback may help Xi Jinping realize his dream of making the yuan a global reserve currency.” At the top of President Xi’s wish “list is a ‘powerful currency’ with global-reserve status that punches its weight in international trade and foreign-exchange markets.” China now looks “well positioned to benefit from any long-term shift away from the dollar.” Despite Trump’s America First bluster, his “disruptive policies may be playing into the hands of rivals like China, who are only too eager to exploit US weakness wherever they see an opening.”
Tags: America first, Disruptive policies, Dollar, Exploit, Forex, Global reserve currency, Greenback, International trade, Powerful, President, U.S., Xi, Yuan
Financial Times (January 17, 2012)
“Great power shifts are accompanied by changes in the global reserve currency.” Might China eclipse London? Quite possibly, but not until the renminbi becomes fully convertible. “The reality is that the renminbi market will remain undeveloped so long as foreign holders remain heavily restricted in what they can do with their renminbi.”
Tags: China, Financial centers, Global reserve currency, Hong Kong, London, UK
