The yuan’s share of foreign reserves has risen to a record high, but it continues to trail behind other currencies. Photo: Reuters
The yuan’s share of foreign reserves has risen to a record high, but it continues to trail behind other currencies. Photo: Reuters
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Why the yuan isn’t a big winner in shift away from US dollar

  • Sanctions on Russia have led to predictions of the break-up of the global monetary system, with China as the main challenger to US dollar hegemony
  • Yet, for all the signs of the yuan’s rise, there are reasons to be sceptical: China’s need for stability, its murky regulatory landscape, and desire to control its currency

Nicholas Spiro
Nicholas Spiro

Updated: 2:30pm, 9 Jun, 2022

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The yuan’s share of foreign reserves has risen to a record high, but it continues to trail behind other currencies. Photo: Reuters
The yuan’s share of foreign reserves has risen to a record high, but it continues to trail behind other currencies. Photo: Reuters
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