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China's yuan nowhere near cracking U.S. dollar hegemony
By Alicia Garcia-Herrero
Nikkei Asia, Tokyo
Tuesday, October 27, 2020
The yuan is higher than it has been in more than two years, and foreigners are suddenly showing interest again in holding the Chinese currency.
Earlier in the decade Beijing brought the yuan into the spotlight through an aggressive effort to take the currency overseas through swap agreements with foreign central banks and offshore bond issuances denominated in the currency.
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This time foreigners are coming to China to get yuan. Chinese assets stand out at a time interest rates in much of the world are at zero or below and many currencies are sagging. Beijing has meanwhile been making access easier for foreign buyers.
Yet for all Beijing's ambitions of cracking the hegemony of the U.S. dollar in the face of Trump administration sanctions, the yuan still has a long way to go. While this week's meeting of the Communist Party Central Committee looks likely to take up the cause of yuan internationalization, the currency will not be taking the greenback's place on the world scene any time soon. ...
What all this seems to imply is that China is indeed fully aware of the risk of conducting most of its international trade and investment transactions in dollars and of holding most of its foreign assets in dollars. The way to reduce this dependence, beyond diversifying into use of other foreign currencies as has also been happening, is to boost the yuan. ...
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