Sir, If the Chinese want a system reducing the dominance of the US dollar as a reserve currency and instead have a more diversified reserve system (“China's plan to end the dollar era”, Editorial, March 25), they have the means to do it.
They should let their own currency float, stimulate domestic demand to switch from a balance of payments surplus to balance of payments deficit, and in the process supply the world with a sizeable volume of freely convertible renminbi.
Their currency would then gradually find its place as an alternative reserve currency reflecting the shift of economic power from west to east.
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