President Xi Jinping has repeated his assertion that China will not devalue the yuan, but instead will keep its value stable. Photo: Bloomberg
Tom Holland
Opinion

Opinion

Abacus by Tom Holland

The weaponisation of the US dollar is the end of its economic ascendancy in Asia – with China’s yuan ready to fill the void

  • Hawkish US sanctions on Iran have had an unanticipated side effect – they’re helping to promote the formation of a new informal Asian monetary bloc centred on the yuan, at the expense of the US dollar.

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President Xi Jinping has repeated his assertion that China will not devalue the yuan, but instead will keep its value stable. Photo: Bloomberg
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