Former U.S. Secretary of the Treasury, Henry Paulson has argued that the soon to launch digital renminbi will not displace the U.S. dollar. Writing in Foreign Affairs, Paulson acknowledges the challenge from the renminbi (RMB), but says “a central bank–backed digital currency does not alter the fundamental nature of the RMB.”
This is a sentiment shared by the IMF’s lead economist.
To maintain the dollar’s dominance on the international stage, Paulson outlines the need to preserve the reasons for the dollar’s attraction. These include a vibrant economy and strong economic policies. This is combined with a transparent political system, leadership abroad, and the ability for the post COVID-19 economy to be a success.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
