Andy Mukherjee: Washington is fretting over China while Wall Street is embracing the yuan
· livemint.com
Although the yuan is nowhere near challenging the greenback, the search for an alternative to the dollar is real. The irony is that it’s America’s megabanks that are helping Beijing turn the yuan into a viable funding currency.
The third era rests on a very new foundation. Forget the financial engineering that drove the first boom: The currency-swap arbitrage that once turned cheap yua...