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A golden moment, indeed.Īsia Times has relaunched on Download our brand new native App for a sweeping selection of geopolitical and business news from across Asia. That, President Xi, leaves the yuan – if you’re ready to increase its luster as a global anchor. The euro?ĭespite European Union President Jean-Claude Juncker’s best efforts, the common currency has done more to exacerbate the region’s cracks than fix them.
Japan’s economic trajectory is heading the wrong way for the yen to replace the dollar. And as we see from gold’s sudden bull run among central bankers, the world is keen on an alternative. So would the currency’s use in trade, financial transactions and mergers and acquisitions. Respect for the yuan would grow from there. Xi should rethink clampdowns on the media and the internet, which are natural allies if he is serious about cleansing China Inc. It’s high time, too, that Beijing loosened its grip on the financial system, strengthened corporate governance and attacked graft. But it’s high time China accelerated efforts to move tens of millions of jobs from the public to the private sector. Liu doesn’t need to fire 40 million workers as Zhu did. Zhu worked to make local government officials more accountable, modernize the banking system and guided Beijing into the World Trade Organization. In his five years on the job, the earlier-mentioned premier disrupted the state sector as never before. Xi also should supersize the mandate of his economic czar, Vice-Premier Liu He, to pull another Zhu Rongji. Sure, let the PBOC and local governments support growth that last year slowed to its lowest rate since 1990. Yet, Xi should use this moment to introduce a burst of multi-tasking. Not when the largest economy and the most powerful military are in the hands of a truth-challenged former reality-television star whose businesses filed for bankruptcy at least four times. Nor does it mean Moody’s Investors Service and Fitch Ratings will yank away Washington’s AAA status, as Standard & Poor’s did in 2011. That doesn’t mean a dollar crisis is coming. The dollar, and the trillions of dollars of Treasuries that Asian governments hold, is unlikely to survive today’s Trumpian chaos intact.
Why not use this window to regain the reformist momentum? Central banks’ voracious appetite for gold demonstrates growing worries about the anchor of global finance. And Xi’s government is reopening the stimulus spigot as Trump’s trade war slams mainland growth. Its tolerance for a flexible yuan rate is limited, at best. Though China has indeed let some market forces play, in Xi’s words, a “decisive” role, it’s still too opaque for prime time. The dollar, and the trillions of dollars of Treasuries that Asian governments hold, is unlikely to survive today’s Trumpian chaos intact.įailure to comply would prove embarrassing and subject Beijing to the whims of speculators.