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

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

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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