From FT Advisor
By John Lappin
''The eurozone crisis has delayed the emergence of the euro as a rival
reserve currency to the dollar, but the Chinese renminbi is accelerating
fast according to University of California Berkeley economist professor
Barry Eichengreen.
Professor Eichengreen says that his original
contention - that we are moving from a world with one reserve currency
to a multi-polar currency world - still holds.
He outlined this
theory in his January 2011 book ‘Exorbitant Privilege’ and has now
updated this work in a white paper published with the DWS Global
Financial Institute, a think-tank set up by DWS, Deutsche Bank’s retail
asset management arm.''
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