What is Holding the Yuan Back? Xi is.
Daniel McDowell
Georgetown Journal of International Affairs, February 2022
Daniel McDowell, associate professor of political science, explains why China's currency, the yuan, continues to significantly underperform the dollar as the world's reserve currency. He argues that political concerns are behind the tepid global interest in the yuan as an investment currency. The concentration of power in the hands of Xi Jinping raises investor concerns about future policy unpredictability and Beijing's long-term commitment to financial openness.
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