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Against the odds, China’s push to internationalise its currency is making gains

Financial Times LogoFinancial Times2 mo ago

Against the odds, China’s push to internationalise its currency is making gains - Financial Times

Quick Summary:

These sanctions also seem to have been a catalyst for other countries to accept the renminbi for trade settlements.

While all of these institutional arrangements can certainly increase offshore renminbi liquidity, this will remain limited given the currency is not convertible.

Reducing the dependence on the US dollar or other G7 currencies has become more important for China, given the step-up in western sanctions on Russia after it invaded Ukraine in 2022 and tensions with the US over Taiwan.


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Article Details

Author / Journalist: Alicia García-Herrero

Category: MarketsFinanceInvesting

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2023-12-06 @ 00:01:43 (2 months ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 880 words

Reading Time: 5 minutes read

Sentences: 43 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 19149937

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About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 13 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #3

Publisher Details

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  • URL: https://beamstart.com/news/against-the-odds-chinas-push-17018229586980

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