Geopolitics
Currency Internationalization via Financial Infrastructure
For a currency to achieve international status as a reserve, trading, and settlement medium, a country must first establish a complete ecosystem of issuance, trading, and settlement infrastructure in offshore financial centers. This is not a one-time issuance but rather a long-term accumulation of institutional credibility—a progressive transfer of control from transaction volume → pricing power → reserve asset status.
Read the daily articles behind this idea on the Chinese edition.