30 Jun '13, 3pm

Dethroning The Dollar: The Yuan, The Bitcoin, And Other 'Usurpers'

Dethroning The Dollar: The Yuan, The Bitcoin, And Other 'Usurpers'

In reality Beijing will drag its feet on internationalizing the yuan for as long as possible. Beijing regards the role of reserve currency for the yuan as a poisoned chalice. A world currency after all is one whose movements cannot be easily controlled by the home nation. Almost inevitably that means it becomes increasingly overvalued. For a nation that wants to increase its share of world exports – and wants to keep its workers gainfully employed – the choice is obvious. Beijing has the history of both Japan and West Germany to study: both nations built their export economies on severely undervalued currencies. To this day Tokyo continues to invent new tactics to keep the yen undervalued. Of course, the Germans are less clear-cut in their strategy these days because they have given up the deutschmark – but to say the least they have been in no rush to get the euro back on...

Full article: http://www.forbes.com/sites/eamonnfingleton/2013/06/30/de...

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