China’s State Media Claims De-Dollarization Improves RMB’s International Status

[claireokc]

The U.S. dollar has long been recognized as the leading global reserve/fiat currency. But recent hardships posed by the pandemic, war, economic sanctions, dwindling food reserves, and energy shortages have motivated some countries to accelerate the diversification of their currencies. This emerging trend is referred to as de-dollarization. Official media of the Chinese Communist Party (CCP) have encouraged this approach, pointing to how the Bank of Israel recently adopted China’s yuan or RMB currency in a move it hopes will enhance its foreign exchange reserves, although on closer look, the move isn’t necessarily a vote of confidence for China. ...

Source: https://www.theepochtimes.com/chinas-st ... 49551.html