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In RealTime posts, PIIE senior staff and colleagues discuss the fast-moving economic news, financial developments, and public policy choices confronting the United States and the world.
All the discussion about including the renminbi in the Special Drawings Rights (SDR) basket established by the International Monetary Fund (IMF) is a side-show or distraction with the real action being the conditional imminence of the renminbi’s rise. That is not a judgment, just a description of reality. Last week, the renminbi was in [...]
Over the past six months, officials and commentators have raised questions about the reserve currency role of the US dollar and the structure of the international monetary system. None of their questions is new; they all date back at least to the break-up of the Bretton Woods system of fixed exchange rates in the early [...]
After years of piling up huge foreign exchange reserves, China is increasingly seen by many analysts as entering a new phase. These analysts, who have been examining new data on China’s official holdings of foreign exchange reserves, have concluded that China is now experiencing substantial capital outflows and that Chinese reserve growth has essentially stopped. [...]