For now, the greenback is a winning currency. But there are still a few ways it could lose
500 index of leading shares consistently outperforms the stockmarkets of other countries. America’s economy has proved to be a reliable source of growth. It has emerged from the pandemic more strongly than just about anywhere else. After a brief loss of energy in the summer it is now showing renewed vigour.
One currency that has kept up with the dollar is the yuan. This is because more money is flowing into China than out of it. Bumper exports to America have contributed to a huge trade surplus. Portfolio capital is washing in. Foreign investors are loading up on bonds and stocks, which are now a bigger part of their benchmarks. Meanwhile less money is leaking out. Spending abroad by Chinese tourists has all but vanished, as a consequence of travel bans.
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