This book argues that only by reforming the international monetary
system can we prevent financial crises in the future and the
internationalization of the Renminbi, China's national currency,
will be an important step in the process.Just as the old saying
goes, 'An old building needs to be demolished before a new one can
be erected in its place,' there will be no construction without
destruction. The commencement of the dismantling of the old
monetary system is also the beginning of the construction of the
new one. Contrary to Western rhetoric, which portrays China as part
of the cause of the recent financial crisis, the author contends
that China is actually a victim of the current unjust international
economic and monetary system. To address the imbalance and break
the dollar-dominated international monetary system, the author
calls for the internationalization of the Renminbi and
diversification of the international monetary system.Written by one
of the foremost financial practitioners in China, this book is
thought-provoking and provides a unique Chinese perspective on how
the international monetary system should be reformed, what the
future system should look like and the role China should play in
the process. It is a required reading for anyone interested in
understanding China's own vision in its rise in the global
political, economic and financial systems.
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