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Since the Plaza agreement in 1985, the global economy has moved into a multipolar economy with high capital mobility. Such evolution contrasts with the international monetary system that has remained broadly centered on one key currency – the US dollar. Despite the size and price stability of the euro area, and the strong legal backing of its financial market, the euro has not emerged as a rival (or complement) of the dollar. As for the Chinese yuan, its great potential as an international currency has so far been compensated by incomplete capital openness and a weak legal framework. Although no firm prediction can be made given the lack of experience, the international community should welcome or even encourage a multipolarization of the international monetary system that would be stabilizing and would facilitate international monetary cooperation.
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