After years of poor policy and political tumult in the United States, it is not unreasonable to ask whether China's currency will soon be in a position to challenge the greenback. While neither country has been doing itself any favors in the currency pageant, it is worth remembering that history is not on America's side.
NEW DELHI – When the billionaire investor Ray Dalio recently predicted that the Chinese renminbi will become a global reserve currency, the world took notice. It’s a prediction that the Chinese government has encouraged through its own efforts. The question now is whether the coming “Year of the Ox” will bring the decisive shifts needed to position the RMB to fulfill policymakers’ ambition.
NEW DELHI – When the billionaire investor Ray Dalio recently predicted that the Chinese renminbi will become a global reserve currency, the world took notice. It’s a prediction that the Chinese government has encouraged through its own efforts. The question now is whether the coming “Year of the Ox” will bring the decisive shifts needed to position the RMB to fulfill policymakers’ ambition.