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Will Ukraine Crisis Accelerate China’s Push for the Yuan as an International Currency?

by Just The News
March 18, 2022
in Economy
Will Ukraine crisis accelerate China's push for the yuan as an international currency?

For years, Beijing has pushed to have the Chinese yuan accepted as an international currency, while countries unfriendly to the U.S. such as Venezuela, Iran, Russia, and North Korea have been looking for a dollar alternative for international trade. Western economic sanctions against Russia are now accelerating talks between Moscow and Beijing about finding “workaround” solutions, as Federal Reserve Chairman Jay Powell is warning the invasion of Ukraine may step up Beijing’s efforts to cut its dependency on the dollar.

Over the past decade, it has irked Beijing that, in spite of being the number two economic power, China’s currency […]

Read the rest of this story here: justthenews.com

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