Can Renminbi Take on the World?

LONDON – The Chinese have a saying: “Take a second look; it costs you nothing.” This advice is apt in the context of China’s current equity-market volatility, the implications of which extend beyond the immediate anxiety that the recent turbulence has provoked. In fact, this turmoil should be viewed in light of one of China’s core strategic goals: to establish the renminbi as a global reserve currency.