The indispensable dollar
David Uren's write-up in APSI's The Strategist
|Stephen Kirchner||Dec 10, 2019|
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.