“One of the world’s leading experts on international finance, Prasad clearly explains what China has to do to make the renminbi a global currency.”

Ben S. Bernanke, Distinguished Fellow in Residence, Brookings Institution, and Former Chairman of the Board of Governors of the Federal Reserve System

“Skillfully drawing on history, international economics and a unique in-depth knowledge of the country, Eswar Prasad provides a compelling and comprehensive assessment of China’s role in global currency markets—past, present and future. Containing an analytical road map with key markers, this fascinating book will be of particular importance to all those interested in the prospects for China’s growing global prominence and its systemic influence, not only economic and financial but also geo-politically.”

Mohamed El-Erian, Chief Economic Adviser at Allianz, former CEO of PIMCO, and author of The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

“A clear and comprehensive entrée to contemporary debate over the direction of China’s financial development, with an eye to how the yuan will impinge international financial markets in the future. Extraordinarily helpful for students interested in the nuances of Chinese financial policy, for investors interested in risks inherent in the Chinese development model, and for policymakers who want to better understand how to deal with the rise of China.”

Kenneth Rogoff, Thomas D Cabot Professor of Public Policy, Harvard University

“In this nuanced, thorough, and balanced book, Prasad—one of the preeminent authorities on China’s economy—chronicles how and why the RMB is emerging as a significant international reserve currency. At the same time, he explains that, absent sweeping changes to China’s political, legal, regulatory, and banking systems, the RMB is unlikely to tap its full potential and become a ‘safe haven’ currency. The book will be extremely useful to anyone looking to make sense of the intricacies of China’s economic system—where it stands today, and where it’s going tomorrow.”

Robert E. Rubin, Co-Chairman, Council on Foreign Relations, and Former U.S. Treasury Secretary

“The renminbi and its fluctuations will be a key determinant of what happens globally over the next decade. In this important book, Eswar Prasad looks to the past to understand the present and to forecast the future. It is the definitive book on the renminbi.”

Lawrence H. Summers, President Emeritus and Charles W. Eliot University Professor of Harvard University

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