Eichengreen sees dollar safe for now

american-dollar

On 12 June, the People's Bank of China and its Malaysian counterpart announced that Chinese and Malaysian businesses would be authorised to conduct trade in local currencies rather than dollars.

The move was a clear signal from Beijing that they were serious about the internationalisation of the renminbi - a precursor for global reserve currency status.

"It seems pretty certain that, given sufficient time, the Chinese authorities will move in the direction of internationalising the renminbi," Ba

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