China's increasing reliance on the yuan in international trade and finance has gained momentum in recent months, driven by the ongoing war in Ukraine and the escalating US-China sanctions. As the global economy grapples with rising inflation and supply chain disruptions, Beijing is seizing the opportunity to promote its currency as a viable alternative to the US dollar. The yuan has already gained significant traction in countries like Russia, which has been forced to abandon the dollar in favor of the yuan due to the crippling sanctions imposed by the West. With China's growing economic influence and its strategic partnerships with nations like Russia and Iran, the yuan's ascension to global reserve currency status is becoming increasingly plausible.
War and Sanctions Accelerate China’s Currency Push The New York Times
