The power and predominance of the US dollar has long been seen, in developed and emerging nations alike, as both a comfort and a threat. Past attempts by other currencies, notably the euro and the yen, to challenge the greenback ultimately fell short.
China’s renminbi (RMB) has been viewed for more than a decade as the coming currency power. Yet for many reasons – capital controls and an onshore 2015 stock market crash – the push by Beijing to internationalize the yuan has promised more than it has delivered.
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