China’s president has argued that the “international currency system is the product of the past”; one that reflects the inherent vulnerabilities and systemic risks. Indeed, the dollar is more than just a reserve currency, for many countries, it is a “key” or at least the key currencies. The Chinese exchange rate revolve around the dollar. If their currencies rise too far against the dollar, their exporters will suffer. However, the dollar is not always perfectly pitched. Realizing this, it appears China now has active ambitions to promote the yuan in international 2424trade around the globe.
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