China started its ambitious yuan internationalisation plan with trade settlements in 2009, further expanding it to outbound investment via its Belt and Road Initiative, while also opening its financial markets to foreign investors. Photo: AP
China started its ambitious yuan internationalisation plan with trade settlements in 2009, further expanding it to outbound investment via its Belt and Road Initiative, while also opening its financial markets to foreign investors. Photo: AP
Yuan

China sets sights on greater yuan use in Asean, takes pragmatic approach combating US dollar hegemony

  • Association of Southeast Asian Nations (Asean) has surpassed the European Union and the US to become China’s largest trading partner
  • People’s Bank of China also plans to promote direct trading with other currencies, while supporting overseas economies in developing yuan foreign exchange markets

China started its ambitious yuan internationalisation plan with trade settlements in 2009, further expanding it to outbound investment via its Belt and Road Initiative, while also opening its financial markets to foreign investors. Photo: AP
China started its ambitious yuan internationalisation plan with trade settlements in 2009, further expanding it to outbound investment via its Belt and Road Initiative, while also opening its financial markets to foreign investors. Photo: AP
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