Dr. Steinbock is Guest Fellow of Shanghai Institutes for International Studies (SIIS). He also has affiliations with think-tanks focusing on the United States, Europe and India. For more see: http://www.differencegroup.net
The inclusion of the renminbi in the currency reserve basket is only a matter of time. It could trigger a US$1 trillion reallocation of global reserve portfolios.
As China prepares to commemorate WWII Victory Day, it's time for the West to reassess China's critical role in the triumph and its own historical amnesia.
When and if the TPP will be completed, economic gains will be moderate. However, a TPP without China would have substantial geopolitical implications. Truly inclusive, free trade is a different story. But that’s not what the TPP is about.
The good news is that plunging oil prices support Chinese economic reforms and thus the rebalancing from investment and exports to consumption and innovation.