The rise of the RMB has been impressive by any standard although the currency still has a long way to go before it becomes a major reserve currency that accounts for a substantial portion of global foreign exchange reserves. This chapter concludes the book with the prognosis that, so long as the Chinese government plays its cards right with further reforms and so long as the economic risks are managed, the RMB could become a significant reserve currency over the next one to two decades. At the same time, the Chinese government’s repudiation of broader political, legal, and institutional reforms implies that the RMB will not ascend to the status of a safe haven currency.
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