February 6, 2017

Macro Musings 43: Eswar Prasad on Chinese Monetary Policy, Past and Present

Hosted by David Beckworth of the Mercatus Center, Macro Musings is a new podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

Eswar Prasad is the Tolani Senior Professor of Trade Policy and Professor of Economics at Cornell University and a senior fellow at the Brookings Institution. He joins the show to discuss his new book, Gaining Currency: The Rise of the Renminbi, which examines the rise of China’s currency, the renminbi (RMB), and its role in global finance. Prasad argues that the RMB is on the road to becoming a reserve currency, but it will not challenge the US dollar’s dominance as a safe haven currency. David and Eswar also discuss China’s interesting history as the first country with paper money and a fiat currency.