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China is doubling down on its bid to challenge the dollar's global dominance. Analysts lay out why it's unlikely to succeed.

Business Insider LogoBusiness Insider1 mo ago

China is doubling down on its bid to challenge the dollar's global dominance. Analysts lay out why it's unlikely to succeed.

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"I'd rather be paid in US dollars than rand, real, rubles, rupees or yuans," Oanda analyst Jeff Halley told Insider in a recent interview.

The yuan is also pegged the dollar via a reference rate, with the Chinese central bank maintaining a broadly seven-to-one ratio to make China's exports more competitive.

"The BRICS reserve currency will be a challenging plan," Oanda senior market analyst Jeff Halley told Insider.

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Article Details

Author / Journalist: gglover@insider.com (George Glover)

Category: Economy

Topics: Global Reserve Currency US dollar index Trade Yuan Basket of currencies President Vladimir Putin Dollar dominance International Trade Ruble Reserve currency US Dollar IMF Markets MI Exclusive Currencies Dollar vs. yuan Dollars Vladimir Putin Dollar vs. ruble

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-07-02, 08:00:00

News Timezone: GMT -5:00

News Source URL: markets.businessinsider.com

Language: English

Reading Time: 3 minutes read

Article Length: 502 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 26458

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Official Website: businessinsider.com

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