Renminbi rising?

Renminbi rising?

Last – and most important – successful convergence to IVC and 1-IFC status requires the national economy to be strong relative to other economies for a substantial period of time. The United Kingdom occupied a position of global economic leadership for more than a century. In 1914, the US/UK GDP ratio was 2.1, but the US dollar was not an IVC, suggesting that America’s relative economic strength was inadequate. A decade later, in 1924, the ratio was 3.2 and rising – and the US dollar had eclipsed the British pound as the most important IVC.