At the Tsinghua Wudaokou Chief Economists Forum on Sept. 19, 2026, Miao
Yanliang, senior managing director and chief economist at China International
Capital Co., said the key trigger for change in the international monetary order
is erosion of the dollar’s role as the trust anchor for global assets. He
identified four structural differences for the current phase of RMB
internationalization versus previous currency ascents: visible fractures in the
international monetary system, structural shifts in global trade, a remaking of
international payments infrastructure, and an AI-driven transformation of
economic dynamics. On AI, Miao said the revolution is penetrating non‑tradable
services—education, healthcare, last‑mile logistics—boosting productivity in
ways that are unlikely to raise exports or wages and may instead depress
domestic costs and prices, a potential reverse Balassa‑Samuelson effect.
