Open QuestionsWhy Kenneth Rogoff thinks China’s yuan will be a reserve currency ‘in the next 5 years’
Harvard economist explains why cryptocurrencies will never take the US dollar’s place, despite their popularity in underground economies
Professor Kenneth Rogoff of Harvard University has repeatedly warned that the US dollar is approaching a crisis of legitimacy. Having written extensively on the global recession in the late 2000s, Rogoff has turned his focus to the US currency’s increasingly unstable place at the top of the world’s financial hierarchy. A former chief economist at the International Monetary Fund and a chess grandmaster, he published Our Dollar, Your Problem in May last year.
In this interview, Rogoff elaborates further on the US dollar’s competition from the yuan and euro, the race among global policymakers to reduce their dependency on the US currency, and how the rise of cryptocurrencies factors into future developments.