Current debates around the international monetary system focus on de-dollarization. Despite modest shifts to other currencies and gold, the U.S. dollar remains dominant due to its incumbency, large share of trade and reserves, liquid capital markets and the absence of obvious replacements.
But that misses the central issue: a universal trading and reserve currency is needed because of underlying imbalances in trade and savings.
Where India imports more from than it exports to China, if denominated in rupees, then the Chinese have surplus Indian currency to be invested or used for purchases. If denominated in Chinese yuan, India has to finance the deficit. Unless there is unrestricted access to investments or funding in the relevant currencies, using an acceptable convertible third currency facilitates trade.
Imbalances also reflect mercantilist policies described by Thomas Mun, a director of the East India Company in the early 1600s. The objective is to export more than you import and amass surpluses to finance control of resources and assets. […]
– Read More: endtimeheadlines.org
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