Barry Eichengreen’s April 15 opinion article, “Safer alternative bears on dollar,” was a very interesting take on the potential replacements for the dollar. I agree that the most frequently discussed alternatives are not viable, but my question is about China’s renminbi currency.
The article mentions the fast progress China is making toward internationalizing its currency. As a person who frequently converts renminbi to U.S. dollars, and vice versa, I have not noticed any significant loosening of the rather Draconian conversion policies.
My guess is that these policies are more active on a macro scale. I was hoping that the writer could explain what specific policy changes led him to believe that China’s currency is being internationalized at a pace faster than is generally recognized.
The opinions expressed in this letter to the editor are the writer’s own and do not necessarily reflect the policies of The Japan Times.