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the rise of the redback 人民币的崛起 IN 1965 Valry Giscard dEstaing, then Frances finance minister, complained that America, asthe issuer of the worlds reserve currency, enjoyed an exorbitant privilege. Chinaspresident, Hu Jintao, does not have quite the same way with words. But on the eve of his visitto America this week he told two of the countrys newspapers that the international currencysystem was a product of the past. Something can be a product of the past without being athing of the past. But his implication was clear: the dollars role reflects Americas historicalclout, not its present stature. 在1965年时，瓦勒里季斯卡德斯坦还是法国财政部部长，当时他抱怨到作为世界储备货币发行国的美国，享有者一种嚣张的特权。不过中国国家主席胡锦涛用另外的说法表达了这个意思在本周出访美国前夕，他告诉两家国内的报纸说国际货币体系是旧时代的产物。有些东西在没有成为陈迹之前，就已经成为过去的产物。但是他的意思很清楚：美元反映的是美国在过去的影响力，但是不现在的情况。 Mr Hu is right that Americas currency punches above its economys diminished weight in theworld. Americas share of global output , trade and even financial assets is shrinking, as emerging economies flourish. But many of those economies,such as South Korea, still sell their exports for dollars; many, including China, still peg theircurrencies to the greenback, however loosely; and about 60% of the worlds foreign-exchangereserves remain in dollars. | 
