Business
The US dollar’s hegemony is looking fragile – The Guardian
The modernisation of China’s exchange-rate system could deal the currency a painful blow
The mighty US dollar continues to reign supreme in global markets. But the greenbacks dominance may well be more fragile than it appears, because expected future changes in Chinas exchange-rate regime are likely to trigger a significant shift in the international monetary order.
For many reasons, the Chinese authorities will probably someday stop pegging the renminbi to a basket of currencies, and shift to a modern inflation-targeting regime under which they allow the exchange rate to fluctuate…
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