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Economic Research

The Chinese Proposal for a New Global Super Currency

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As I discussed a few weeks ago in a New York Times op-ed the Chinese are flexing their muscles on the question of the global reserve currency system dominated by the dollar.

With the revision of the SDR basket (so far including only dollar, euro, yen and pound) coming to the table next year it is clear that the Chinese will push for including the renminbi in the new SDR basket. And senior Brazilian policy sources suggest in private that, if the RMB is included in the SDR, so should the Brazilian Real as there is already a much deeper bond market for Real debt and as - unlike China -[...]

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