货币变局

• 目送飞鸿

  2022-09-19
  The most difficult challenge for the aspiring issuer of the new international currency was the creation of a deep, liquid, and stable secondary market in the relevant financial assets. Federal Reserve efforts to finesse this constraint produced mixed results. Indeed, the presence of the Fed as purchaser of last resort may have discouraged the participation of other investors and slowed the development of this segment of the market. This is a cautionary tale for Chinese officials seeking to deepen markets in renminbi-denominated assets as part of the campaign to internationalize their currency.
• 目送飞鸿

  2022-09-16
  As always, historical reality is complex. But the bottom line is that the dollar overtook sterling as the leading reserve currency in the 1920s, not in the 1940s or 1950s.
• 目送飞鸿

  2022-09-16
  In 1929 there were essentially two true reserve currencies, the dollar and sterling, which together accounted for some 97 percent of global foreign exchange reserves.…Thus dollar supremacy so measured did not have to wait until after World War II, as has been repeatedly conjectured.