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Securing China’s overseas assets has become more difficult in a time rife with geopolitical wrangling that continues to alter the world’s currency-use landscape, outspoken Yu Yongding says.
VTB Bank’s Andrey Kostin warns that ‘it’s very dangerous to rely on America’, after Russia’s second-largest lender lost billions last year upon being cut off from the US dollar and euro.
The share of Chinese trade settled in its currency has been gradually rising, with China’s ‘robust exports’ and strict capital controls seen to be contributing to the trend.
Despite a looming US recession, traders crave the dollar, causing trouble for the currencies of Japan and China, which are also impacted by the war in Ukraine.