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In Depth: Yuan Gets More International Love as Dollar Rivalry Grows

By Zhang Ziyu and Wang Liwei
2022年11月01日 20:17
China and its trading partners are doing more business in yuan, Belt and Road investment is increasingly being funded in the Chinese currency, and ‘dim sum’ bond sales are booming

Even as the yuan slumps against the U.S. dollar, its global popularity is growing as it makes deeper inroads as a currency of choice for international transactions and sales of offshore yuan-denominated bonds surge.

The currency is increasingly being used to settle trade with Russia as Moscow seeks to bypass Western sanctions aimed at cutting it off from the global financial system. State energy titans Gazprom PJSC and China National Petroleum Corp. signed a deal in September under which China would begin to pay for Russian natural gas supplies exclusively in yuan and rubles, instead of U.S. dollars.

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