ITHACA — A few years ago, China’s currency seemed to be rising inexorably to global dominance. The renminbi had become the fifth most important currency for international payments, and in 2016, the International Monetary Fund included it in the basket of major currencies that determines the value of Special Drawing Rights (the IMF’s global reserve asset).
Since then, however, the renminbi’s progress has stalled. Its share of international payments has fallen below 2 percent, and the s
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