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The modernisation of China’s exchange-rate system could deal the currency a painful blow
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Kenneth Rogoff argues that we're within sight of a time when the US dollar is going to be challenged by China, and the rise of the renminbi.
If China stops pegging its currency to a basket of currencies, and adopts an increasingly modern monetary policy regime with inflation targeting and a free floating currency, then might it threaten to become the global reserve currency - although just not yet.