September 12, 2011
Renminbi Pushes Dollar Off Global State
Arvind Subramanian, Financial Times
Economic turmoil in the US and Europe is helping to accelerate a deeper, long term development. After three centuries of economic dominance, the west is about to be eclipsed by a rising Asian power: China. Not only may the Chinese economy soon be larger than America’s – if measured in purchasing power – but the renminbi could displace the dollar as the premier, reserve currency within the next decade or soon thereafter.
TAGGED: Dollar, United States, Renminbi, China