At a meeting in London last month I listened with mild amusement as a senior sales executive discussed the rollout of a banking campaign to promote the rise of China’s renminbi as a global currency.
Advertising in the U.S. would make little sense, as Americans aren’t ready to believe in — much less prepare for — the inevitable day when the Chinese currency overtakes the U.S. dollar as a major reserve currency, ran the strategy, detailed by the executive with the requisite cultural dig.
It’s certainly just coincidence that the U.S. Dollar Index is up more than 4% since that meeting, while the China story line has degenerated into a series of ominous collapse scenarios for 2012, much like the Europe and emerging-markets stories.
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