China's Economy, Its Currency, and the State of the U.S.-China Relationship
China's economy is now the second largest in the world and its currency, the renminbi, was recently elevated to the status of an elite official reserve currency. But China is facing slower growth, rising debt levels, a falling exchange rate, and capital outflows. Is China's economy headed for a meltdown or can it continue to outgrow its problems? The discussion will cover China's economic prospects, risks that threaten to undermine the economy, and what it will take to maintain high growth. The future of the renminbi, both in terms of its value and its role as an international currency, will be analyzed. Prospects for the U.S.-China economic relationship under the new administration will also be covered.
Eswar Prasad is the Nandlal P. Tolani Senior Professor of Trade Policy in the Dyson School at Cornell. He is also a senior fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a research associate at the National Bureau of Economic Research. He is a former head of the China Division at the International Monetary Fund.
His new book is Gaining Currency: The Rise of the Renminbi (Oxford University Press, 2016). His previous books include The Dollar Trap: How the Dollar Tightened Its Grip on Global Finance and Emerging Markets: Resilience and Growth Amid Global Turmoil, and his research has been published in a wide range of leading economics journals. He has testified on multiple occasions before various U.S. congressional committees and commissions. His op-ed articles have appeared in the Financial Times, Harvard Business Review, New York Times, Wall Street Journal, and Washington Post. He appears frequently on Bloomberg, CNBC, CNN, NPR, and PBS.
Jeff Sommer '74 is a business editor and writes the Strategies column on finance and economics at The New York Times. He is a graduate of Cornell in history and studied Chinese there. Mr. Sommer also holds degrees from Harvard in Asian Studies and Columbia in journalism, and, in addition, studied economics at Columbia as a Knight-Bagehot fellow. In the 1980s and early 1990s he was Newsday's Asia correspondent, based in Beijing, as well as its Soviet affairs correspondent and foreign editor.
6:00-6:30pm reception; 6:30pm lecture, gratis. Copies of Gaining Currency: The Rise of the Renminbi will be available for purchase at the event. Advance reservations required by Friday, April 28th. Attendees are invited to dine at The Club with Professor Prasad following the lecture. The cost is $40 per person, inclusive of tax, gratuity and one glass of wine with dinner. Dinner reservations are required 48 hours prior to the program. Same-day cancellations and no shows will be charged.
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