Isn't it funny, when the Chinese don't loosen their currency, it's called mercantilism; when they do, they "pimp [the CNY] as a reserve currency". A case of damned if they do, damned if they don't?
Yeah it is a no-win. Not only for the Chinese government but for all of us--critics will be with us. The Chinese government is taking an action to create its own future. Let's see what happens.
I was a boy living in Africa at the tail end of the Empire. I still remember watching the pound sterling slowly drift into irrelevance.
