Dear Comrade Xi
Summary
The piece argues that while a RMB global reserve currency is theoretically feasible, it is politically impossible under Beijing's capital controls and the CCP's need to control domestic finance. It outlines a five-point plan to achieve reserve-status and explains why each step would clash with China's political economy, concluding that openness and market-based reform are unlikely, making the RMB's rise to reserve status improbable.