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China doubles down on promoting yuan as confidence in U.S. dollar takes a beating​

  • China is introducing ways to bolster yuan's usage as confidence in the U.S. dollar falters.
  • Three major Chinese exchanges have allowed certain foreign institutional investors to trade more futures and options contracts listed in mainland China.
  • From expanding investment channels to building digital infrastructure, Beijing has been laying the groundwork to accelerate international use of its currency.
China is devising more ways for foreign institutions to use the yuan, as international confidence in the U.S. dollar falters.

The moves aim at challenging the greenback, experts said, even as the U.S. dollar remains by far the world's predominant currency. The timing is favorable as the U.S. dollar index has tumbled more than 9% this year — while the offshore yuan has strengthened more than 2% against the dollar.

More:

https://www.msn.com/en-us/money/mar...-takes-a-beating/ar-AA1HlX4P?ocid=socialshare
 
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