China Financial Markets

The week before last on Thursday the Financial Times published an OpEd piece I wrote arguing that Washington should take the lead in getting the world to abandon the dollar as the dominant reserve currency.  My basic argument is that every twenty to thirty years – whenever, it seems, that American current account deficits surge [...]

Barry Eichengreen had a very interesting piece in last week’s Wall Street Journal.  In it he argues that we are approaching the end of the period in which the US dollar is the world’s dominant reserve currency, and suggests what that might mean for the world.  Here is what he says: The single most astonishing [...]

The seemingly imminent and inexorable rise of the renminbi as a major, even dominant, reserve and trading currency, has been almost as widely heralded as the equivalent rise of the Japanese yen just twenty years ago. Even my normally skeptical friend Nouriel Roubini seems to think so.  Here is an article from last year’s Telegraph: [...]