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The likelihood of the Renminbi becoming a dominant global currency is low due to the reluctance of major trading partners like the EU and the US to settle trades in it. China's closed capital account creates difficulties for capital inflow and outflow, further hindering the Renminbi's global adoption. Additionally, the entrenched network effects of the dollar, which is commonly used for pricing and serves as the world's reserve currency, ensure its continued relevance and strength in international trade. Meanwhile, Berkshire Hathaway has made history by becoming the first publicly traded American company outside the tech sector to reach a trillion-dollar valuation, underscoring its diverse business model and significant market presence.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode