China is increasingly looking to diversify its foreign exchange assets to reduce exposure to the US dollar. Illustration: Lau Ka-kuen
China is increasingly looking to diversify its foreign exchange assets to reduce exposure to the US dollar. Illustration: Lau Ka-kuen
Yuan

China’s push to loosen US dollar dominance takes on new urgency after Western sanctions on Russia

  • Some Chinese advisers are urging the government to overhaul the exchange rate regime and turn the yuan into an anchor currency, especially for the Asia region
  • Worries are mounting that China could be kicked out of the Swift financial messaging system or cut off from its foreign assets if relations with the US worsen

China is increasingly looking to diversify its foreign exchange assets to reduce exposure to the US dollar. Illustration: Lau Ka-kuen
China is increasingly looking to diversify its foreign exchange assets to reduce exposure to the US dollar. Illustration: Lau Ka-kuen
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