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
