China believes that favorable conditions have been created to weaken the US dollar in the global financial system and to expand the international role of the yuan, and it is trying to take advantage of this opportunity.
Medianews.az reports that this is stated in a CNN channel commentary.
It is emphasized that increasing uncertainty in the US economic policy, President Donald Trump's tariff and sanctions-based approach, as well as the dollar's stability reaching its most fragile level in the last four years, have expanded Beijing's maneuvering capabilities.
According to information disseminated by Chinese media, the country's leader Xi Jinping has identified the transformation of the yuan into a strong reserve currency widely used in international trade and currency operations as a strategic goal. For this purpose, Beijing prioritizes partial opening of financial markets, facilitating cross-border payments, and increasing the share of yuan in trade with developing countries.
The CNN commentary states that after Western sanctions against Russia, the position of the yuan has become even stronger. A large portion of settlements in China-Russia trade is conducted in yuan. The People's Bank of China declares that the yuan has already become a leading currency in world trade and ranks among the top three in payments.
At the same time, CNN emphasizes that it does not appear realistic for the yuan to replace the dollar. The commentary stresses that "the dollar remains without an alternative for now." Referring to the International Monetary Fund, it is noted that 57 percent of global reserves belong to the dollar, 20 percent to the euro, and only 2 percent to the yuan.
Toğrul Ali,
Medianews.az