When the pro-yuan thinking was at its height last spring, it looked as though the currency had support from all quarters. China's economy seemed to be doing reasonably well, though growing at a much slower pace than previously. Beijing was also making headlines with its efforts to give the yuan a more prominent international role. To argue the other side of the question, that the dollar was not quite so vulnerable, took a disciplined analysis of the fundamentals, historic and economic, as well as recognition that not all policy in Beijing supported the effort to substitute the yuan for the dollar. The National Interest offered just such an analysis.