Welcome to our blog

Thank Fathom it’s Friday

A sideways look at economics

China: dual circulation and AI

16 October 2026|

Every transaction, every asset, that is denominated in a particular currency, has an impact on the nation issuing that currency. It’s all part of the same economy. But what if the same country issues more than one currency? This is probably a closer approximation to the Chinese situation: one currency for use at home; another one for use abroad. Two circulations. Does this mean there are two Chinese economies? Not quite: there is only one issuer. Questions around the solvency of that issuer (the Chinese state) or about its use of seigniorage (the

View earlier Thank Fathom it’s Friday blog posts

Listen to our podcast

Fathom: In Conversation is our economics podcast.

Fathom’s ten-part podcast series, The rise of China, is essential listening for anyone who wants to understand more about the Middle Kingdom. Each short episode features conversations with Fathom’s economists who share unique insights from their research to tell a well-rounded story of China’s past, present and potential future.

Go to podcast page