Markets, not politics, will make China’s yuan a global currency
The yuan’s next global push will fall short if it is treated as persuasion. The test is not whether Beijing wants an international currency or whether Hong Kong can host summits around it. It is whether a treasurer in Jakarta, a bank in Riyadh or a Gulf central bank can fund, hedge, invest and exit yuan positions at a predictable cost. Until then, yuan internationalisation will look stronger in policy papers than on balance sheets. Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue...
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