Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Macro Musings with David Beckworth
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The Importance of Internationalization of the Reninby
I'm very skeptical that China could ever fully internationalize the reninby at the level of the dollar. The Chinese leaders, the Communist Party would have to kind of let go of control over how much money flows in and out of the country. And then just the future of China, the aging and shrinking population, if anything, they might be the next Japan. I'm just highly skeptical China could ever play the role of a major dominant reserve currency.
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