As China’s Currency Becomes Increasingly Global, Will Collectors Of Chinese Art Benefit?
In recent months, a number of high-profile Chinese and world economists have increased their calls for the creation of a truly “global currency,” which would diminish the US dollar’s role as the de facto international currency sooner rather than later. Although this concept is still far off, as these economists concede, definitely within the next 10-20 years the dollar’s primacy will be challenged, if not completely nonexistent.
Although this is not some kind of dollar apocalypse, but rather a readjustment of the global economy based more on a realistic global picture. In the post-Cold War, post-BRIC-growth world, we are seeing the world economy pluralize rapidly. So a global currency will require an accurate portrayal of this multipolarity — thus, it is unlikely that the next global currency will be “from” one country. Rather, it is likely to be a multi-currency basket, or “supracurrency” — as the governor of the People’s Bank of China, Zhou Xiaochuan, himself called for in March.