Optionality
mixed — massive net-creditor reserves + SWF firepower give real freedom, but the RMB is not a full reserve currency, capital controls bind, and the currency is state-managed. Fiscal freedom high; monetary/external freedom capped.
Sourced figures 1
- Wikipedia — FX reserves + SWF lists; analytical (capital-control regime) $3.85T reserves + $3.97T SWFs (creditor) vs capital controls + managed RMB
the working
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