The indispensable dollar

David Uren's write-up in APSI's The Strategist

David Uren writes up my report on the current and future role of the US dollar in ASPI’s The Stategist.

Mike Bird has a related piece in the Wall Street Journal, which concludes:

The strength of a currency for international use rests on what holders can do with it. In the case of the yuan, a largely closed capital account and ultraspeculative asset markets are relatively uninviting.

Unless that changes, expect discussions of the yuan’s international role to keep producing more hot air than headway, and take any pronouncements of its coming role in global finance with a pinch of salt.