The Renminbi Challenge
China has been gradually implementing its plan for developing the renminbi into an international rival to the dollar. But whether it succeeds turns on how China addresses four challenges, not least whether it can adequately constrain the arbitrary exercise of executive power.
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SEOUL – Last month, China unveiled its first aircraft carrier, and is gearing up to challenge the United States in the South China Sea. By initiating a plan to internationalize its currency, China is similarly seeking to challenge the dollar on the international stage.