What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
The Chinese authorities have long stated their concern about the role of a single dominant global currency. And while the current geopolitical climate suggests now could be an opportune time for the Chinese renminbi to take on a greater role, the country’s leaders have stopped short of vocally promoting the renminbi as a dollar replacement.
Instead, Beijing has this year doubled down on its assertion that the special drawing rights (SDR) – a supplementary reserve asset that few outside expert
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