On Europe turning away from USD
"Again, it is efficient to have one currency. But that would leave everyone hostage to the whims of US. For a long time, China & Europe tolerated this, but now we are going to see both move much more quickly to liberate themselves."
Coverage of that trip here:
With the first EU Parliament delegation for 8 years in Beijing, another group of MEPs is in Taiwan.
Security and Defence Committee led by Marie-Agnes Strack-Zimmermann met Taiwan President Lai today
""We are here because Taiwan matters to Europe" Strack Zimmermann said
Kenneth Rogoff says the Chinese yuan will become a global reserve currency within five years
"It will happen in the next five years. Investors are starved for ways to diversify away from the US dollar."
Expects a "managed float" of yuan vs dollar.
Result is a multipolar currency system:
"The result is going to be a more multipolar system, with the US dollar no longer being dominant. A little bit like having three or four credit cards instead of one. The dollar will still be on top, but king of a smaller hill."
