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ArtikelClimbing Greenback Mountain; Reserve Currencies  
Oleh: [s.n]
Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 400 no. 8752 (Sep. 2011), page 13-16.
Topik: Currency Transactions; Foreign exchange; American Dollar; Statistical Data; Reserves
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  • Perpustakaan Pusat (Semanggi)
    • Nomor Panggil: EE29.68
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Isi artikel China's policymakers are in two minds, as they tend to be when it comes to freeing finance. Restricting the flow of money into and out of China protects the country's immature banking system. When Japan sanctioned the international use of the yen in the 1980s it set the stage for a damaging property bubble. On the other hand China hates having to rely on the dollar. Officials are troubled by the Federal Reserve's notably loose monetary policy and by America's rapidly rising public debt. The dollar still holds the privileged position in the world's monetary system it has occupied since the second world war. It faces no immediate challenge to its status, notwithstanding the debt downgrade, because there are few good alternatives. Despite a long and steady decline in its value against other currencies, it still accounts for 60.7% of the world's $9.7 trillion of currency reserves. That is around three times America's weight in the world economy as measured by GDP. The dollar's closest rival, the euro, accounts for 26.6% of the world's reserves. The demand for reserve currencies is a boon to their issuers. Around $500 billion of America's currency is used outside the country's borders. The dollar is flawed, but so are the candidates to displace it. The obstacles to the yuan becoming a reserve currency are bigger than those faced by the dollar in 1913. China has taken some baby steps toward setting the yuan free.
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