China began the long journey to a new international reserve currency with a single step – agreeing to buy $50 billion in notes from the International Monetary Fund.
Another proverb, less distinguished than a quote from Daoist philosopher Laozi, also applies here: China put its money where its mouth is.
After calling for a super-sovereign reserve currency to replace dependence on any national currency, China’s leaders have made a concrete commitment toward achieving that far-in-the-future goal.
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