Bloomberg/George Lei, Tania Chen and Jacob Gu/5-3-2023
“China is putting the yuan front and center in its fight back against the US’s unique influence over global money. President Xi Jinping’s government has been busy striking deals over the past year to expand the ways in which the currency is used, with new agreements linked to the renminbi stretching from Russia and Saudi Arabia to Brazil and even France.”
USAGOLD note: As we have said many times in the past, the dollar is likely to remain the world’s premier currency for trade invoicing, but its diminished status as a reserve currency is already a fact of life. This article concentrates on China’s efforts to undermine the dollar’s status as the dominant transactional currency.