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China’s Yuan Push Fails to Challenge Dollar Dominance, Analysts Say
China’s Yuan Push Fails to Challenge Dollar Dominance, Analysts Say
22
2
BTCCSquare news:
China's aggressive promotion of the yuan for bilateral trade has made little dent in the dollar's global supremacy. The yuan accounts for just 3% of global reserves, compared to the dollar's 57.8% share, according to IMF data. This push gained momentum after Russia's Ukraine invasion, but analysts remain skeptical of its long-term impact.
Zongyuan Zoe Liu of the Council on Foreign Relations bluntly stated China lacks the capacity to dethrone the dollar. Internationalizing a currency requires meeting stringent parameters - including global trust - which the yuan currently fails to satisfy. Western nations particularly view the currency warily, seeing its adoption as potentially bolstering China's economic influence.
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