CGD's Arvind Subramanian makes a prediction about the Chinese currency in a recent talk.
From the article:
A renowned US-based Indian economist Friday predicted that Chinese currency renminbi will eclipse the dollar in global trading systems within 10 to 15 years.
Arvind Subramanian, named by Foreign Policy magazine as one of the world's top 100 global thinkers in 2011, stated this while delivering a talk on "US-China Partnership and Global Economic Order: Implications for India" at the Observer Research Foundation here.
Subramanian, Dennis Weatherstone Senior Fellow, Peterson Institute for International Economics, and Senior Fellow, Centre for Global Development, said with Europe becoming a debtor now, the US and European Union should cede their power to China in the International Monetary Fund and World Bank.
He said the US should be willing to give power to China in multi-lateral institutions in return for a stake for China.
Criticising China's move for a BRICS bank, Subramanian suggested that Beijing should instead strengthen the world monetary institutions like the IMF and the World Bank.
Read it here.
