China wants its currency to replace the dollar in international affairs – but it's not that simple. Image: iStock
China’s monetary policy had little if any impact on the RMB’s 11% appreciation against the US dollar since June 2020, an Asia Times study shows. Instead, long-term US inflation expectations drove the dollar down. About 90% of the RMB/USD exchange rate is explained by US inflation expectations. Remarkably, no other financial variables in the Western […]