Project Syndicate - The Irresistible Rise of the Renminbi
Chinese officials have targeted 2020 as the date by which both Beijing and Shanghai should become leading international financial centers, with deep and liquid financial markets open to the rest of the world. By implication, that is the date by which they want to see the renminbi become a leading international currency.
Can the renminbi become a major international currency in as little as a decade? Only time will tell. But US history suggests that this schedule, while ambitious, is not impossible.
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