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Eswar Prasad

Eswar Prasad is Professor of Trade Policy at Cornell University’s Dyson School of Applied Economics and Management and a senior fellow at the Brookings Institution. He is the author of “Gaining Currency: The Rise of the Renminbi”

China’s digital currency will rise but not rule

Published On: August 27, 2020 12:46 PM NPT By: Eswar Prasad

ITHACA – A few years ago, China’s currency seemed to be rising inexorably to global dominance. The renminbi had become the fifth most important currency for international payments, and in 2016, the International Monetary Fund included it in the basket of major currencies that determines the value of Special Drawing Rights (the IMF’s global reserve asset).