China’s Quest for a Mighty Yuan Could Be a Mighty Yawn
Beijing’s global ambitions clash with its domestic economic realities.
Still talking about the Benjamins.
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The US and China may be the super-duo of power rivals nowadays, but that doesn’t mean each wants to destabilize the other. At least, not too much. Among lots of considerations, China needs to stanch the bleeding of supply chains from its factories and ports after an antagonistic period bolstered by Donald Trump’s presidency. Meanwhile, the US — which can’t seem to figure out whether it is about to tip into recession — would rather not have China convulsed by planet-shaking economic doldrums. That could make recovery harder for America. Hence, US Treasury Secretary Janet Yellen’s visit this week to make nice (and offer at least solace).