Some economists say China should create an alternative international payment and settlement system – one anchored by the yuan instead of the US dollar – to mitigate harm from possible US financial sanctions. Photo: Shutterstock
Some economists say China should create an alternative international payment and settlement system – one anchored by the yuan instead of the US dollar – to mitigate harm from possible US financial sanctions. Photo: Shutterstock
Economy /  China Economy

China urged to develop its own international payment system to counter risk of US financial sanctions

  • Chinese economists weigh in on possible measures to insulate China from Washington’s response to the implementation of a national security law in Hong Kong
  • Dethroning the US dollar’s global dominance is said to be a long-term project, so other mitigating measures must be explored to promote use of the yuan in the short term

Frank Tang
Frank Tang in Beijing

Updated: 11:40pm, 30 Jul, 2020

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Some economists say China should create an alternative international payment and settlement system – one anchored by the yuan instead of the US dollar – to mitigate harm from possible US financial sanctions. Photo: Shutterstock
Some economists say China should create an alternative international payment and settlement system – one anchored by the yuan instead of the US dollar – to mitigate harm from possible US financial sanctions. Photo: Shutterstock
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