In the wake of sanctions on Russia, China has pushed to conduct more trade using the yuan in an effort to reduce its reliance on the dollar
After Russia’s invasion of Ukraine, one of the most powerful tools for inflicting economic harm on Moscow was to essentially cut the country off from transactions based on US dollars, limiting its ability to trade with other countries.Bringing Taiwan under the control of the Chinese Communist party , is the “inevitable requirement for the great rejuvenation of the Chinese nation,” China's president Xi Jinping said in 2019.
In April Bangladesh announced that it had approved a payment in yuan worth $318m to settle part of a Russian loan that had been used to finance a nuclear power plant development. It is a rare example of the yuan being used for an international transaction that does not involve China. Still, China wants to protect itself as much as possible, and the internationalisation of the yuan is one part of that defence.
that China “must work faster to drive the internationalisation of the RMB” in order to protect its energy supplies in the wake of sanctions on Russia.China has also developed an alternative to Swift as well as a digital currency, the e-CNY. These technological innovations are less important than the political factors that influence the yuan’s international popularity, but they are part of Beijing’s broad campaign to transform its currency into an attractive alternative to the dollar.
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