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How Russia’s War Is Fueling the Global Currency Debate

Hong Kong Dollar, Chinese Yuan and US Dollar Banknotes As Currency Peg Intervention From HKMA Continues Into Third Day
Photographer: Paul Yeung/Bloomberg

It’s a simple proposition. China’s economy is on track to surpass the U.S. as the world’s largest. Surely its currency also should be rivaling its competitor’s in the global financial system?

Informed experts have for years dismissed the notion, explaining that once a currency is entrenched, it can be extraordinarily difficult to displace. It would likely take repeated shocks along with passage of time.