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Frequently noted inadequately explored connections between currency internationalization and expected change in the polarity of the international monetary system in the international relations literature are commanding the renewed attention and vigorous debate for more international monetary...
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This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system … and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …
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