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Paola Subacchi
Paola Subacchi
Paola Subacchi is a senior fellow at Chatham House and the author of The People’s Money: How China Is Building a Global Currency.

Nowadays China seems less interested in multilateral engagement more broadly. However, the world cannot end the pandemic, address the climate crisis or ease the energy-supply emergency without China’s active and positive contribution to the G20.

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The reported US plan to target China in a financial war, if put in motion, would be the latest Trump move to leverage the US dollar’s privileged position to advance geopolitical objectives. It would deepen mistrust of the US and hasten the search for an alternative financial system.

The complexity of dealing with the devaluation of the renminbi amid the trade war underlines the need for China to allow the value of its currency to be truly determined by market forces.

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