Book notes: Gaining Currency, by Eswar Prasad
A detailed study into the renminbi’s journey to becoming the reserve currency
Eswar S Prasad, Gaining Currency: The Rise of the Renminbi, Oxford University Press, 2016, 344 pages
Over the past 25 years, China’s currency, the renminbi, has undergone an astonishing transformation. It has evolved from a currency with limited convertibility and with a dual exchange rate – an official rate and a ‘swap’ rate set on officially sanctioned exchanges, where market forces were permitted to operate to a degree – to one that has been admitted to the elite club of currencies that form
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