King Dollar Still Looks Safe From the Yuan


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One obvious but essential barrier to the yuan’s wider use is that the country still has strict capital controls. The dollar’s dominance isn’t going away anytime soon. While the Chinese yuan could grow in importance, it’s also very unlikely to replace the greenback as the global reserve currency—barring some truly radical changes to China’s economic model. Predictions of the demise of King Dollar resurface from time to time—often in the wake of sanctions like the ones currently punishing Russia’s economy. But so far the dollar’s role as the global trade and reserve currency still looks quite secure. The share of...