The Yuan Is Finally Showing Some Muscle in International Trade
Beijing’s long-held ambition to throw off the yoke of the US currency is starting to show results.
Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services in Asia. Previously, he worked for Reuters, the Straits Times and Bloomberg News.
Seeing red.
Photographer: Lam Yik/BloombergThis year’s near-doubling of the yuan’s share as a global payments currency has largely gone unremarked because the figures are still rather modest, and forecasts of the dollar’s impending demise have so far turned out to be greatly exaggerated.
Besides, the world’s attention is fixated on China’s wobbly domestic growth. The yuan as a vehicle for the nation’s geopolitical ambitions is getting sidelined, much like the tapering enthusiasm for President Xi Jinping’s $1 trillion Belt and Road project.
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The Yuan Is Finally Showing Some Muscle in International Trade