Andy Xie, renowned Chinese economist, is sceptical of the significance of the Chinese Yuan joining IMF’s Basket of Reserve Currencies.
Andy Xie, a Shanghai-based analyst who was formerly chief economist for Asia at Morgan Stanley, was dismissive: “The SDR is just an accounting unit, this has no real world significance,” he told International Business Times. Xie suggested that the move was primarily a publicity coup for the Chinese government aimed at “convincing Chinese people not to buy dollars,” at a time when the country has seen significant outflows of currency following its surprise devaluation of the yuan in August.
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Dr Andy Xie 謝國忠, Shanghai-based independent economist, has just been named “ 50 Most Influential Persons in Finance”by Bloomberg, and is currently director of Rosetta Stone Advisors.Dr Xie is one of the few economists who has accurately predicted economic bubbles including the 1997 Asian Financial Crisis and the more recent subprime meltdown in the United States. He joined Morgan Stanley in 1997 and was Managing Director and Head of the firm’s Asia/Pacific economics team until 2006. Prior to that he spent two years with Macquarie Bank in Singapore, where he was an associate director in corporate finance. He also spent five years as an economist with the World Bank.
Dr Xie earned a PhD in economics in 1990 and an MS in civil engineering in 1987 from the Massachusetts Institute of Technology.