Article: The Almighty Renminbi?

The Almighty Renminbi?

By NOURIEL ROUBINI
Published: May 13, 2009
New York Times

“THE 19th century was dominated by the British Empire, the 20th century by the United States. We may now be entering the Asian century, dominated by a rising China and its currency. While the dollar’s status as the major reserve currency will not vanish overnight, we can no longer take it for granted. Sooner than we think, the dollar may be challenged by other currencies, most likely the Chinese renminbi. This would have serious costs for America, as our ability to finance our budget and trade deficits cheaply would disappear.”

http://www.nytimes.com/2009/05/14/opinion/14Roubini.html?_r=1

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