{"id":30472,"date":"2018-02-02T08:28:08","date_gmt":"2018-02-02T13:28:08","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30472"},"modified":"2018-02-02T08:28:08","modified_gmt":"2018-02-02T13:28:08","slug":"could-the-renminbi-challenge-the-dollar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30472","title":{"rendered":"Could the Renminbi Challenge the Dollar?"},"content":{"rendered":"<div class=\"row \">\n<figure class=\"columns image image--lead image--ratio-2-1\"><picture class=\"fbg-image__element\"><img decoding=\"async\" class=\" lazyunload lazyloaded\" src=\"https:\/\/webapi.project-syndicate.org\/library\/d436aa0126ee56376c7b21676b64599f.jpg\" alt=\"Chinese Yuan Renminbi and Dollar banknotes\" data-src=\"https:\/\/webapi.project-syndicate.org\/library\/d436aa0126ee56376c7b21676b64599f.jpg\" \/><\/picture><span class=\"image__copyright\">Wodicka\/ullstein bild via Getty Images<\/span><\/figure>\n<\/div>\n<div class=\"row u-relative\">\n<div class=\"op-header op-header--img\">\n<div class=\"small-12 medium-10 medium-offset-1 large-8 large-offset-2 xlarge-7 columns\"><\/div>\n<\/div>\n<\/div>\n<div class=\"row fbg-image article__container\" data-sticky-target=\"interaction-article\" data-page-area=\"article-top\" data-sticky-offset=\"20%\">\n<h3 class=\"small-12 medium-10 medium-offset-1 large-8 large-offset-2 xlarge-7 columns article__title article__title--main u-mb-se\" dir=\"ltr\"><a href=\"https:\/\/www.project-syndicate.org\/onpoint\/could-the-renminbi-challenge-the-dollar-by-christopher-smart-2018-02?barrier=accesspaylog\">Could the Renminbi Challenge the Dollar?<\/a><\/h3>\n<div class=\"small-12 medium-10 medium-offset-1 large-8 large-offset-2 xlarge-6 xlarge-offset-3 columns\">\n<section class=\"article__abs u-mt-se\" dir=\"ltr\">China\u2019s rapid economic growth, coupled with savvy monetary management by its leaders, has internationalized the renminbi to a degree that scarcely could have been imagined just a few decades ago. But if China\u2019s leaders ever want to challenge the US for global currency dominance, they will need to think and act more radically.<\/p>\n<\/section>\n<section class=\"article__body article__body--commentary english\" dir=\"ltr\" data-page-area=\"article-body\">\n<ul class=\"list list--intro\" data-line-id=\"6755a78a3a8441da86b5a7af51c5b602\">\n<li>Barry Eichengreen, Arnaud Mehl, and Livia Chi\u0163u, <a href=\"https:\/\/press.princeton.edu\/titles\/11124.html\" target=\"_blank\" rel=\"noopener\"><em>How Global Currencies Work: Past, Present and Future<\/em><\/a>, Princeton University Press, 2017<\/li>\n<li>Eswar S. Prasad, <a href=\"https:\/\/global.oup.com\/academic\/product\/gaining-currency-9780190631055?cc=us&amp;lang=en&amp;\" target=\"_blank\" rel=\"noopener\"><em>Gaining Currency: The Rise of the Renminbi<\/em><\/a>, Oxford University Press, 2016<\/li>\n<li>Cynthia Roberts, Leslie Elliott Armijo, and Saori N. Katada, <a href=\"https:\/\/global.oup.com\/academic\/product\/the-brics-and-collective-financial-statecraft-9780190697518?q=BRICS&amp;lang=en&amp;cc=us\" target=\"_blank\" rel=\"noopener\"><em>The BRICS and Collective Financial Statecraft<\/em><\/a>, Oxford University Press, 2017<\/li>\n<\/ul>\n<p data-line-id=\"81c0aedf259e4f89a936b61cbb3caff8\">WASHINGTON, DC \u2013 \u201cFollow the money,\u201d goes the saying. And, in fact, the money \u2013 that is, the changing roles of the renminbi and the US dollar \u2013 is perhaps the best way to understand the rise of China in a world dominated by the United States. Over the last ten years, the dominant economic story was about Chinese exports reshaping global trade. But the story of the next ten years could be about China\u2019s emerging role at the heart of global finance.<\/p>\n<p data-line-id=\"b9b612d788604ad6b65fc4f9c78d3707\">Renminbi usage has clearly been growing in recent years, owing to the impressive growth of the Chinese economy and efforts by Chinese financial officials to expand the currency\u2019s global footprint. China already settles a quarter of its own exports in renminbi, and has designated renminbi clearing banks and swap lines abroad, including in New York. South Korea, Poland, and Hungary have begun to issue renminbi-denominated sovereign debt. And even the tradition-bound Bundesbank has announced plans to include renminbi in its currency reserves.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/section>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Wodicka\/ullstein bild via Getty Images Could the Renminbi Challenge the Dollar? China\u2019s rapid economic growth, coupled with savvy monetary management by its leaders, has internationalized the renminbi to a degree that scarcely could have been imagined just a few decades ago. But if China\u2019s leaders ever want to challenge the US for global currency dominance, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[130,16933,5844,391,8402,675,827,839],"class_list":["post-30472","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-china","tag-christopher-smart","tag-global-reserve-currency","tag-growth","tag-project-syndicate","tag-renminbi","tag-united-states","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30472"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30472\/revisions"}],"predecessor-version":[{"id":30473,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30472\/revisions\/30473"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}