Recent reporting in the Financial Times   highlights Chinese President Xi Jinping’s explicit call for the renminbi to attain global reserve currency status, framing this ambition within China’s broader push to reshape the international monetary order.   Under what conditions can a fiat currency become a reserve currency in the first place? The answer to this question lies in the structural requirements identified by international monetary theory and historical experience. Res

Once a symbol of unrelenting ascent, China’s model of social mobility is now showing cracks. For millions of young people, especially...