When it introduced the SDR, the Fund hoped to make it “the principal reserve asset in the international monetary system.” This remains an unfulfilled ambition; indeed, the SDR is one of the most underused instruments of international cooperation. Nonetheless, better late than never: turning the SDR into a true global currency would yield several benefits for the world’s economy and monetary... 

While Beijing is seeking to link its growing economic power to geopolitical ambition, Washington is still refusing to treat China as an equal; the US, stuck in its “old thinking,” risks aggravating tensions with China, Philip Stephens warned. Washington is not ready to concede its superiority to Beijing in Asia, and since neither side wants a cold war, the best offer on the table is a...