Asia Needs to Spell Out Changes They Want in International Monetary System
At the recently concluded IMF-World Bank annual meetings, the addition of the yuan to the basket of currencies comprising the IMF's Special Drawing Rights (SDR) was one of the most popular subjects of conversation — not quite as popular, perhaps, as Brexit, Deutsche Bank and Donald Trump, but right behind them.
In this sense, the Fund-Bank meetings were the yuan's coming-out party. The currency's addition into the SDR basket was lauded as a step with great symbolic value. But that step raises the question of what kind of international monetary system China, and Asia more generally, need and how they should construct it.
A professor of Economics at the University of California, Berkeley, and a former senior policy adviser at the International Monetary Fund
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