The 'Belt and Road' Renminbi

来源: CHINA FOREX 2017 Issue 2 作者:Lu Xueyan, Chen Jie

The pound sterling's rise to a dominant global role was founded on Britain's era of colonial conquest -- when the crown had an empire on which the sun never set. The regionalization of markets gave the currency a further boost and to this day the pound still plays a major role in the global financial system. Even though colonial domination is long gone,the British economy continues to show plenty of punch. And while the pound now shares center stage with four other big currencies it has held its own between the euro and the dollar,solidifying its own "living space."

The ascendancy of the US dollar was partly a result of America's rich resources. The US is generously endowed by nature. Shielded by geography,it was spared much of the horror of World War II. With the exception of the surprise attack on Pearl Harbor,the US was largely insulated from attacks on its soil. It emerged from the war as an economic powerhouse even as much of Europe was in ruins. The post-war Marshall Plan and the Bretton Woods System established the domination of the dollar in the following decades. Relying on backing from gold and US industrial muscle,the dollar managed to maintain its sway over the global economy. Repeated oil crises failed to shake the dollar's status. The rise of oil mean the rise of petrodollars,and that ultimately was viewed as more reasonable than a dollar based on gold.

The birth of the euro originated from the extended process of European integration. After World War II,Europe was flat on its back,clearing the way for a dominant dollar. However,Europe gradually moved towards greater political and economic cooperation,eventually becoming the EU. This was hastened by European heritage,culture,shared values and economic interests. The dollar faced a challenge from the German mark and the French franc. Later,a bold effort to compete with the dollar and gold,the grand project of a single currency -- the euro -- ultimately took shape. In the end after recovery from World War II,Europe within a short time had changed its course - from accepting the US dollar as a world's currency to the creation of Europe's own single currency.

Therefore,the vitality of the euro has its core national ties,cultural background,economic commonwealth,and religion. Although the euro has also experienced many attacks from the dollar and the pound and even after the financial crisis breakdown which had a serious impact on the eurozone,its current strength still exists.

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