Friday, October 26, 2012
Arvind Subramanian and Martin Kessler on the yuan, October 22
"Not only is China, by some measures, the world’s largest economy in purchasing power parity terms, the world’s largest exporter and the world’s largest net creditor (for more than a decade), but the renminbi bloc has now displaced the dollar bloc in Asia. The symbolism and its historic significance cannot be understated because east Asia, despite physical distance, has always been part of the dollar backyard."
Posted by Michele Kearney at 10:17 AM