Mallaby, Sebastian, and Olin Wethington

Excerpt
According to a growing chorus of pundits and economists, China — already the world’s most prolific exporter, largest sovereign creditor, and second-largest economy — will someday soon provide the world’s reserve currency. According to this view, just as the dollar dethroned the British pound in the interwar years, so the yuan will soon displace the dollar, striking a blow to U.S. interests. As the economist Arvind Subramanian recently wrote, the yuan “could become the premier reserve currency by the end of this decade, or early next decade.”
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