Jeffrey Sachs has been predicting the US dollar’s demise for years. Photo: EPA-EFE
China’s yuan is 10 years from ending US dollar hegemony, says economist Jeffrey Sachs
- Jeffrey Sachs predicts a multicurrency world in the future, with the yuan and other currencies a decade away from an even keel with the US dollar
- Yuan lags well behind other international currencies in use and convertibility, with analysts sceptical of whether Sachs’ comments are viable
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China economy
Jeffrey Sachs has been predicting the US dollar’s demise for years. Photo: EPA-EFE
China’s government hopes that increasing the bond issuance limit will kick start local infrastructure projects. Photo: Xinhua
China moves to aid slowing economy by accelerating issue of 1 trillion yuan of local government bonds
- Beijing has brought forward 1 trillion yuan (US$142.3 billion) of the 2020 special purpose bond quota to this year
- The move gives local governments more room to issue debt to fund infrastructure projects that could help prop up China’s slowing economy
Topic |
China economy
China’s government hopes that increasing the bond issuance limit will kick start local infrastructure projects. Photo: Xinhua