Renminbi reign: The countdown begins

Economic turmoil in the United States and Europe is both signalling, and helping to accelerate, a deeper, long-run development. After three centuries of economic dominance, the West is about to be eclipsed by a rising Asian power: China. The Chinese economy may soon be larger than America’s, if measured at prices that reflect purchasing power. And the renminbi could even displace the dollar as the premier reserve currency within the next decade or soon thereafter.

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