China is pushing for inclusion of its currency in the International Monetary Fund’s Special Drawing Rights basket, which is due for its five-year review this year.
China’s planned launch of an international payment system to process cross-border yuan transactions in September will challenge the US dollar’s dominance in global trade and help Beijing build a leading role in Asian and global financial markets.
The greenback’s dominance in global trade and financial markets has begun to weaken because of the currency’s co-dependence with US military power, which is seeing structural changes.
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