Reserve Currency

Vying for a spot in the new monetary order

The world might drift towards a multiple reserve-currency system shared among the dollar, the euro and - sometime in the future - the renminbi. Photo: AFP

The international monetary system needs some serious rethinking. On paper, it has to guarantee the orderly functioning of exchange-rate regimes and transnational financial flows.

Thursday, 22 November, 2012, 3:18am

Does democracy matter for renminbi success?

China must create a more transparent rules-based bureaucracy to achieve its monetary goals. Photo: Reuters

China has unveiled its first aircraft carrier, and is gearing up to challenge the United States in the South China Sea. By initiating a plan to internationalise its currency, China is similarly seeking to challenge the dollar on the international stage.

In carving out a global role for the renminbi, Chinese policymakers are proceeding deliberately. So, will China's plan succeed?

17 Oct 2012 - 3:13am 2 comments

Feast of sovereign bonds a real gift

Bankers say the government's record 23 billion yuan (HK$28.2 billion) dim sum bond offer will boost the city as an offshore yuan trading centre and cement the renminbi as a true international currency.

30 Jun 2012 - 12:00am

Don't jump to conclusions about yuan

China, the world's largest holder of foreign reserves, saw its pool of foreign assets decline for the first time in more than a decade, triggering worries about an unbridled capital outflow that could adversely affect the mainland economy.

SCMP, January 14

17 Jan 2012 - 12:00am

Global reserve currency proves to be a curse for the issuing country

On October 5, the Triffin International Foundation celebrated the 100th anniversary of the birth of Robert Triffin, a Belgian economist who worked at the US Federal Reserve then returned to Europe to help with European monetary integration.

15 Oct 2011 - 12:00am

Finally, gold shines after false dawns

IT MIGHT BE a new year, but it seems there is no change in last year's dominating trend. The US dollar plummeting against a range of currencies and gold effortlessly taking out new multi-year highs.

7 Jan 2004 - 12:00am