> trying to dethrone the U.S. dollar or replacing it in the global system with the renminbi
Obviously, this will never happen. The reason the USD is so popular is because it is a stable and fungible currency. Those are the exact opposite characteristics of the renminbi.
China adopts a 'closed' capital market system, meaning companies and individuals are not free to move money in or out of the country, except in accordance with strict rules set down by the Chinese government.
The Chinese government has even imposed daily withdrawal limits on its citizens and their bank accounts.
Why would anyone opt to replace a fluid currency like the USD with one that is tightly controlled by a government?
Obviously, this will never happen. The reason the USD is so popular is because it is a stable and fungible currency. Those are the exact opposite characteristics of the renminbi.
China adopts a 'closed' capital market system, meaning companies and individuals are not free to move money in or out of the country, except in accordance with strict rules set down by the Chinese government.
The Chinese government has even imposed daily withdrawal limits on its citizens and their bank accounts.
Why would anyone opt to replace a fluid currency like the USD with one that is tightly controlled by a government?