For many observers, internationalization is the yuan's manifest destiny and a by-product of the remarkable economic success of the People's Republic of China (PRC). But is such confidence warranted? Recent history has seen the emergence of other currencies that were also expected, at least for a...

For many observers, internationalization is the yuan's manifest destiny - an irresistible by-product of the remarkable economic success of the People's Republic of China (PRC). But is such confidence warranted? Recent history has seen the emergence of other currencies that were also expected, at...

Intro -- Contents -- List of Tables -- Acknowledgments -- Abbreviations -- Introduction -- One. From Currency to Capabilities -- Two. From Capabilities to Statecraft -- Three. A Theory of Currency Statecraft -- Four. Youth -- Five. Maturity -- Six. Decline -- Seven. When Statecrafts Collide --...

At any given time, a limited number of national currencies are used as instruments of international commerce, to settle foreign trade transactions or store value for investors and central banks. How countries whose currencies gain international appeal choose to use this status forms their...