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Episode 584: Treasury Secretary Yellen’s Visit to China
Newt's World
The Importance of Fiscal Strength in China's Currency Competence
China has been part of an effort to create an alternative to the dollar as an international currency. As long as there are capital controls on outflows from China it doesn't serve the purpose as a reserve currency, says Michael Bociurkiw. The more that we run massive budget deficits and in the process demonstrate an irresponsibility towards being the world's reserve currency then we invite other nations to potentially try to displace us., he adds.
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