Karthik Sankaran is a senior research fellow, geoeconomics in the Global South program at the Quincy Institute for Responsible Statecraft.
China has precious little of the exorbitant privilege/ burden (delete according to your priors) conferred on reserve currency issuers. Despite China’s economy being the world’s second largest, the renminbi ranks a lowly seventh place in the IMF’s COFER league table of official foreign exchange reserves. But MainFT reported recently that Xi Jinping plans to change this.
What even are the requisites for a currency to be truly international? And how does this affect the mechanics of the international monetary system and the global economy more generally? Alphaville has your back.
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