China's Trump Card

DISCOVER HOW DIGITAL CURRENCIES CAN TRANSFORM THE WORLD'S TRADING SYSTEMRaymond Yeung does a brilliant job of explaining the historical role of the US dollar and how it has thwarted China's efforts to internationalize its own currency, the yuan. His focus on the US-China trade war and the evolving global technology landscape provides a fitting and timely analysis around how US-China financial decoupling could be accelerated by the creation of a World Crypto Currency (WCC).-Alex Capri, Visiting Senior Fellow, NUS Business School; Research Fellow, Hinrich FoundationRaymond Yeung has written a ground-breaking book. He links globalization, dollarization and financial integration in a new and insightful way. His analysis of China's foreign reserves and how they are used in many different ways including massive equity investments is very interesting. His analysis of China's trade and investment restrictions is fair and balanced. Mr. Yeung states that cryptocurrencies and block chain innovations could replace the dollar dominance and facilitate China's and the world's move away from dollar dependency. His idea of a World Crypto Currency (WCC) could provide China and the world with a reserve currency to replace the US Dollar. It will result in the Federal Reserve having to make up the funding deficit, which would result in a dollar devaluation, fewer US imports, more US exports and the elimination of the trade gap. It's an interesting idea which deserves consideration.-Mark Mobius, Founder, Mobius Capital Partners; author of The Inflation Myth and the Wonderfull World of DeflationFew subjects are more critical for the global markets than the intersection of China trade, China's ambitions for the renminbi, and the rise of cryptocurrencies. In China's Trump Card, Raymond Yeung provides a guide that is equal parts accessible and insightful, ending with a bold and innovative proposal to save China, the US, and the world from the trap of dollar dominance.-Tom Orlik, Chief Economist, Bloomberg Economics; author of China: The Bubble That Never PopsIn China's Trump Card, Raymond Yeung, has written a useful summary of trade friction between the US and China. But even more interesting is his emphasis on the friction on the financial front that has followed. He believes that just as globalization made the US dollar the pre-eminent currency in the world, the reversal of that globalization will inevitably lead to de-dollarization. His argument that cryptocurrency could soon present a credible alternative to the dollar regime is essential reading for those seeking a clue as to how the international monetary system might evolve.-Henny Sender, Chief Correspondent, International Finance, The Financial TimesChina's Trump Card is an impressive and provocative attempt on the controversial subject of whether the US dollar's role as the global dominant reserve currency can be deposed. He goes into the emergence of cyber-currencies and whether these can replace fiat currencies. Conclusively, he proposes a World Crypto Currency (WCC), which China should support. In principle, a multilateral currency is better than a single-nation currency, but the controversial part is whether the world will ever agree on which agency to issue the WCC, its governance and who controls it. I cannot see the US standing aside to see the dollar challenged. As someone has said, a direct RMB challenge to the dollar becomes like a declaration of open war. Whether you agree or disagree, Raymond has set out his views and facts on a subject of great timely interest, with creative thinking on policy options. A valuable addition to the dollar-RMB debate.-Andrew Sheng, Distinguished Fellow, Asia Global Institute; former Chairman, Hong Kong Securities and Futures Commission