This week on Sinica, Kaiser and Jeremy welcome Diana Choyleva and Dinny McMahon, who recently published a report for the Wilson Center on China's efforts to internationalize the Renminbi, its currency. Diana Choyleva is chief economist and founder of Enodo Economics, an independent macroeconomic forecasting consultancy she set up in 2016. Dinny McMahon is a former Wall Street Journal reporter and author of the book China's Great Wall of Debt. Their report is called “China’s Quest for Financial Self-Reliance: How Beijing Plans to Decouple from the Dollar-Based Global Trading and Financial System.”
2:38 – The advantages the U.S. enjoys through the dollar’s global primacy
4:40 – How Beijing sees the dollar’s dominance as a strategic vulnerability
7:11 – Other countries who actively pursued internationalization of their currency
10:07 – International trust deficit regarding China’s currency
13:37 – Right-sizing China’s currency ambitions
15:13 – How China incentives increased demand for the RMB
24:19 – Are we currently at a critical turning point of currency displacement?
36:42 – The role of digital currency in China’s monetary strategy
43:42 – The BRI as a mechanism for expanding the circulation of the RMB
A transcript of this podcast is available at TheChinaProject.com.
Recommendations:
Jeremy: This is Going to Hurt: Secret Diaries of a Junior Doctor by Adam Kay; Kay's Anatomy by Adam Kay
Diana: Picking up dancing as a pastime; China: The Gathering Threat by Constantine Menges
Dinny: Lombard Street by Walter Bagehot
Kaiser: The Amazon miniseries The English
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Xiong'an: Techno-natural utopia or authoritarian folly?
Earth Day episode: How can the U.S. and China cooperate on climate in this era of competition?
Legendary CNN reporter Mike Chinoy on his book and documentary series "Assignment China"
As the U.S. and China part ways, the Global South finds its own path, with Kishore Mahbubani
Sinica at the Association for Asian Studies Conference, Boston 2023: Capsule interviews
The Maoist legacy in Chinese private enterprise, with Chris Marquis
Beijing brokers a Saudi-Iranian rapprochement, with Tuvia Gering
The Xi-Putin meetings, with Maria Repnikova
The expansion of China's administrative state during COVID, with Yale Law's Taisu Zhang
Jude Blanchette on the Select Committee and the American moral panic over China
Inside Tencent's "Influence Empire," with Bloomberg's Lulu Chen
China and the electric vehicle battery supply chain, with Henry Sanderson
China and the Ukraine War one year after the invasion, with Evan Feigenbaum and Alexander Gabuev
Sinostan: Raffaello Pantucci on China's inadvertent empire in Central Asia
CSIS analyst Gerard DiPippo deflates the balloon hype and brings the discussion back to earth
Live in New York City with veteran China journalist Ian Johnson
Is China's demography China's destiny? A chat with former World Bank economist Bert Hofman
A firsthand view of China's chaotic COVID re-opening, with Deborah Seligsohn
Talking China on TikTok with The China Project's Susan St. Denis
The Sinica Network presents Strangers in China S3 Episode 1
Create your
podcast in
minutes
It is Free