Currency systems

Structural reforms are what’s needed to blunt Beijing’s cost advantages in production, not currency tinkering

China’s currency is becoming more important in the global financial system but the dollar is still in control

Repatriation, or the ‘Sell America’ narrative, will be a key theme

State and market-led pressure to de-dollarise could become mutually reinforcing, accelerating the erosion of the greenback dominance

If the greenback continues to slide with cuts in interest rates, countries will be forced to take action

But neither Japan nor America should meddle with exchange rates

Report classifies city-state as an outlier as it is the only nation on the list running a bilateral trade deficit with America

The greenback’s index against the most-traded currencies has dropped to its weakest since early 2022 – worse could happen yet

The country’s plan to simplify the rupiah’s nominal value has resurfaced repeatedly over the past decade