How the Nixon shock set broad path for renminbi rise 50 years ago
Thursday 12 August 2021 – Vol.12 Ed.32.4
Commentary: Renminbi’s rise, 50 years after the dollar-gold shock
By Meghnad Desai and David Marsh
President Richard Nixon, in his TV address on 15 August 1971, announced unilaterally that America was reneging on the gold-dollar link. The consequences remain with us today. Nixon gave countries their monetary sovereignty. It was up to them how to use it – with...