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We Study Billionaires - The Investor’s Podcast Network
Importance of Rule of Law in Currency Reserves
The percentage of global reserves held in Yuan is small, historical reserve currencies were associated with empires that upheld rule of law domestically. The market prefers currencies issued in systems with rule of law, transparency, and protections like private property. China lacks rule of law and transparency, which may deter people from saving in their currency. China faces the Triffin dilemma as having a strong currency could negatively impact their exports, leading them to maintain a weaker currency to support growth.
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