On September 19, at the 2026 Tsinghua PBCSF Chief Economists Forum, Miao Yanliang, Senior Managing Director and Chief Economist at CICC, shared his insights: the crux of current shifts in the international monetary order stems from the gradual erosion of the U.S. dollar’s status as the bedrock of trust for global assets. He highlighted four fundamental differences in the current phase of RMB internationalization compared to previous periods: the emergence of cracks in the international monetary system, structural transformations in the global trade landscape, the ongoing evolution of international payment mechanisms, and the profound impact of the AI technological revolution on economic operations.

Regarding the AI technological revolution, Miao Yanliang drew parallels with historical precedents, noting that nations leading in productivity during past technological upheavals—such as the UK and the U.S.—saw their currencies ascend in global standing. However, he emphasized that the AI revolution marks a departure from this pattern. For the first time, technological advancements are penetrating the "non-tradable service sector," encompassing education, healthcare, and logistics. While efficiency gains in these areas are substantial, they do not readily translate into higher exports or wage growth. Instead, domestic competition may drive down local costs and prices—a phenomenon Miao termed the "reverse Balassa-Samuelson effect," challenging conventional economic expectations.